A total of 51,750 new and resale houses and condos were sold statewide last month. That’s up 9.5 percent from 47,250 for April and down 15.2 percent from a revised 61,000 for May 2005. Last year’s May was the strongest May in DataQuick’s statistics, which go back to 1988.
The median price paid for a home last month was $469,000, a new record. That was up 0.2 percent from $468,000 for April, and up 9.8 percent from $427,000 for May a year ago.
The typical mortgage payment that homebuyers committed themselves to paying last month was $2,298. That was up from $2,271 in April, and up from $1,899 for May a year ago.
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 five months.