CA Home Sales Down 12% From 1 Yr Ago

California Home Sales Down 12 Percent from Last Year

California continued to feel the housing slump in November with a 12.4 percent decrease in sales from last year, according to statistics from MDA DataQuick. An estimated 31,403 new and resale houses and condos were sold statewide last month-down 3.9 percent from October.

The average number of homes sold in California during a typical November month is 39,987, based on MDA DataQuick’s statistics, which go back to 1988.

The median price paid for a home last month was $255,000, down 0.4 percent from $256,000 in October and down 2.3 percent from $261,000 in November 2009. After eleven months of increases, the year-over-year decrease was the second in a row for the Golden State. April 2009 is at the bottom of the current cycle with a median price of $221,000.

Foreclosure sales were 37.8 percent of the existing homes sold last month in California, up from a revised 36.7 percent in October and down from 40.1 percent in November a year ago. These foreclosure sales numbers are still lower than the peak hit in February 2009 of 58.5 percent.

MDA DataQuick is a division of MDA Lending Solutions, which was acquired by the private investment firm TPG Capital from MacDonald Dettwiler and Associates last month. MDA DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies, and industry analysts.

via dsnews.com

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