Monday, May 19, 2008

April report from DataQuick

The April report from Data Quick has finally been published. It’s a little better than most of the recent reports but it still shows an overall decline in sales year over year for nearly every county. The one exception is Riverside. It managed a slight increase mainly due to the sales of low end properties in the outer areas. A nearly 30% decline in median price in the last 12 months is getting a few knife catchers off the fence. Here’s the highlights of the report.

La Jolla, CA--- Southern California home sales surged last month to the highest level since August as bargain shoppers took advantage of price slashing. Although some higher-end costal markets also posted gains, the swell in transactions mainly reflects more sales of homes under $500,000 in inland areas where depreciation and foreclosures have been greatest, a real estate information service reported.
A total of 15,615 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in April. That was up 21.9 percent from 12,808 the previous month but down 19 percent from 19,269 in April last year, according to DataQuick Information Systems.
Sales from March to April have risen on average 1.2 percent since 1988, when DataQuick's statistics begin. Although last month's sales total was the highest for any month since August 2007, when 17,755 homes sold, it was still the weakest April since April 1995, when 15,303 homes sold, and the second- lowest April on record. Last month was 38 percent below of the April average of 25,311 sales.
Post-foreclosure homes continued to play a major role in the Southland market. Of all the homes that resold in April, 37.5 percent had been foreclosed on at some point in the prior 12 months, compared with a revised 35.8 percent in March and 4.6 percent a year ago. Across the six-county area, "foreclosure resales" ranged from 26.9 percent of resale activity in Orange County to 52.7 percent in Riverside County.
Zip codes showing relatively large annual gains in sales of existing houses included those in San Jacinto and Lake Elsinore in Riverside County, Victorville in San Bernardino County, Lake Forest and Anaheim in Orange County, Lancaster in Los Angeles County and Chula Vista in San Diego County.
The median price paid for a Southland home was $385,000 last month, unchanged from March but down 23.8 percent from the peak median of $505,000 in April 2007. That peak was reached several times last spring and summer. Last month was the first in eight months that the median did not decline on a month-to-month basis.
Indicators of market distress continue to move in different directions. Foreclosure activity is at record levels, financing with adjustable-rate mortgages is at a six-year low. Down payment sizes and flipping rates are stable, non-owner occupied buying activity is increasing, DataQuick reported.

1 comment:

I'm Not POTUS said...

When I read the report I couldn't help but think to myself.
"Well, it's not like I expected God to stop making stupid people."
I would love to see how these sales match up to loan originations.
I doubt the loans made to sole occupying home owners with 20% down and 36% max monthly DTI is even statistically significant.
Lot's and lot's of fools with money not yet parted out there.
If dataquick wants to have a stat that is useful they should include how many sales went to a viable mortgage. Or at least tell us how many went for cash higher than mortgage.