The median price paid for a Southern California home was $485,000 last month, down 1.0 percent from a revised $490,000 for December, and up 5.0 percent from a revised $462,000 for January last year. The overall median always declines from December to January because of changes in market mix. December’s median matched the peak reached last June.
The revised historic monthly median prices have changed little – about one percent, on average.
DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
The typical monthly mortgage payment that Southland buyers committed themselves to paying was $2,263 last month, up from $2,242 the previous month and up from $2,130 a year ago. Adjusted for inflation, current payments are 6.9 percent above typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 6.1 percent below the current cycle’s peak last June.
Indicators of market distress are still at a moderate level. Financing with adjustable-rate mortgages is declining slightly. Foreclosure activity is rising but is still in the normal range. Down payment sizes are stable and flipping rates and non-owner occupied buying activity is down, DataQuick reported.
|
All Homes |
No Sold |
No Sold |
Pct. |
Median |
Median |
Pct. |
|
Los Angeles |
7,309 |
6,805 |
-6.9% |
$490,000 |
$520,000 |
6.1% |
|
Orange |
2,868 |
2,400 |
-16.3% |
$600,000 |
$600,000 |
0.0% |
|
Riverside |
4,695 |
3,089 |
-34.2% |
$410,000 |
$415,000 |
1.2% |
|
San Bernardino |
3,321 |
2,373 |
-28.5% |
$355,000 |
$370,000 |
4.2% |
|
San Diego |
2,898 |
2,772 |
-4.3% |
$500,000 |
$472,000 |
-5.6% |
|
Ventura |
804 |
689 |
-14.3% |
$604,500 |
$565,000 |
-6.5% |
|
So.California |
21,895 |
18,128 |
-17.2% |
$462,000 |
$485,000 |
5.0% |
Source: DQNews.com