CALIFORNIA JULY HOME SALES 2006
A total of 44,250 new and resale houses and condos were sold statewide last month. That's down 17.6 percent from 53,700 for June and down 28.8 percent from 62,150 for July 2005.
The median price paid for a home last month was $475,000. That was down 0.6 percent from June's record $478,000, and up 5.3 percent from $451,000 for July a year ago.
The typical mortgage payment that home buyers committed themselves to paying last month was $2,353. That was down from $2,362 in June, and up from $1,974 for July a year ago.
Market stress indicators are still low: Down payments are stable, speculation buying is moderate, there are no significant shifts in market mix and default rates are rising, but still low. Earlier increases in non owner-occupied purchase activity and flipping activity have leveled off. The use of adjustable-rate mortgages has dropped the last half year.
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