An estimated 44,167 new and resale houses and condos were sold statewide last month. That was up 13.1 percent from 39,051 in May, and up 25.5 percent from 35,202 for June 2008. Sales have increased on a year-over-year basis the last twelve months. California sales for the month of June have varied from a low of 35,202 in 2008 to a peak of 76,669 in 2004, the average is 50,698. MDA DataQuick's statistics go back to 1988.
The median price paid for a home last month was $246,000, up 7.0 percent from $230,000 in May, and down 25.0 percent from $328,000 for June a year ago. The upturn in median the last two months is the result of a relative increase in sales of more expensive homes.
Of the existing homes sold last month, 45.9 percent were properties that had been foreclosed on during the past year. Last month was the first since August last year where it was below 50 percent.
The typical mortgage payment that home buyers committed themselves to paying last month was $1,108. That was up from $972 in May, and down from $1,628 for June a year ago. That typical mortgage payment was below the $1,000 mark from January through May. The last time it was below $1,000 was in 1999. Adjusted for inflation, last month's mortgage payment was 48.0 percent below the spring 1989 peak of the prior real estate cycle. It was 57.9 percent below the current cycle's peak in June 2006.
Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax CreditLike the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there. Just consider: A surge in sales activity was reported in many areas in the past three months; first-time buyers continue to bring vitality to the marketplace all across the country; buyers with good credit are able to get mortgage financing; inventories of unsold homes are flat or decreasing in many areas, and listings with the lowest prices in nearly a decade are being cherry-picked in many communities, according to HouseHunt’s latest random survey of current market conditions across the country. Even repeat buyers are starting to leave the sidelines.Many HouseHunt member-agents interviewed in this quarterly survey also reported they are using the government’s $8,000 tax credit incentive for first-time buyers as an effective marketing tool. The credit – which expires on November 30 of 2009 – can be claimed on the purchaser’s tax return and does not require repayment unless the home is resold within three years. Every dollar of the tax credit reduces income taxes by one dollar. A person is considered a first-time buyer if he/she has not had an ownership interest in a home for at least three years.Unemployment, the economy, short sales and foreclosures have forced sellers to lower their prices. Average home price is $350,000, down 15-20% in the past year. Average time on the market from listing to contract is more than 120 days.
Murrieta Market Place
Buyers’ or Sellers’ Market - More sellers than buyers Average Time on Market - 60-90 days Market Trend - Decreasing Housing Inventory - Good supply Average Home Price - $300,000 Compared to Last Year Down 20-25% Prices As % of Asking Price - 90-95% Multiple Offers? - Yes Greatest Activity - First Time Buyers Is Financing Available For Qualified Buyers in Murrieta? - Yes.Housing Hot Spots The Murrieta west-end. Average Sold Price - $300,000
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