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October Home Sales Edge Up in California

californiaHome sales in California saw a slight lift from September to October as prices retreated slightly.

According to data released Thursday by CoreLogic DataQuick, sales statewide—including all sales of single-family houses and condos—totaled 36,830 last month, up 1.4 percent from 36,316 in September. A year ago, sales in the Golden State came to 36,468, down 1.0 percent from the most recent data.

October marked the second straight month in which sales in the state rose on a year-over-year basis. Last month's activity remained subdued, however, compared to October's long-running average of 42,860.

California sales have failed to top any month's long-term average for the last eight years, according to CoreLogic DataQuick.

The state's median home price in October was $382,000, a decline of 1.8 percent from September but an improvement of 7.0 percent over last year. As of last month, the statewide median price has risen year-over-year for 32 consecutive months, though annual gains have gradually ratcheted down since peaking at 29.2 percent in July 2013.

Compared to California's price peak of $484,000 in spring 2007, October's median price was down 21.1 percent.

In other findings, the typical monthly mortgage payment for California borrowers was $1,466 in October, down from a revised $1,515 in September and $1,395 in October 2013. Adjusted for inflation, the October 2014 payment was 37.7 percent below the typical payment in spring 1989, which was the peak of the prior real estate cycle.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.
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