A total of 54,500 new and resale houses and condos were sold statewide last month. That’s up 43.8 percent from 37,900 for February and down 12,5 percent from a revised 62,300 for March 2005. An increase from February to March is normal for the season. Last year’s March was the strongest March in DataQuick’s statistics, which go back to 1988. Last month was the third strongest March.
The median price paid for a home last month was $473,000, a new record. That was up 3.5 percent from $457,000 for February and up 12.4 percent from $421,000 for March a year ago.
The typical mortgage payment that home buyers committed themselves to paying last month was $2,250. That was up from $2,143 in February, and up from $1,954 for March a year ago.
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 numbers cover all sales, new and resale, houses and condos.
Market stress indicators are still very 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 three months.