California buyers are taking advantage of purchasing a desired property now before interest rates get too high.
An estimated 36,468 new and resale houses and condominiums were sold statewide in October, which is up about 1% from the prior month, according to DataQuick. But this monthly figure is down about 7% from 39,254 a year earlier when interest rates were at an all-time low.
Foreclosure resales accounted for approximately 6% of all existing homes sold last month, representing the lowest level since June 2007 when it was the same figure.
Short sales made up a little less than 13% of the homes that resold in October, which is nearly half the amount than what occurred last year.
The median price paid for a home in California during October was $357,000, a $2,000 increase from September and up more than 25% on a yearly basis. October marked the 20th consecutive month in which the state’s median sale price rose year-over-year and the 11th straight month with a gain exceeding 20%.
The typical monthly mortgage payment for California buyers was $1,395, down from $1,437 the month before. However, mortgage payments were up from October 2012 when the average was $1,009.
