Realty Digest Blog

News Sources Say Market has Bottomed…

Scot Campbell — Thu, 10 May 2012 04:22:46 +0000

05/09/2012 – By Scot Campbell– Sources: WSJ, Bloomberg, OC Register, ReportsOnHousing

Real Estate “News” Turns Positive

The headlines in the Real Estate News section of your favorite periodicals, websites, and print newspapers were reporting negative news for so long it came as a surprise to many when positive stories about the market began to trickle out a few months ago.

It began with SmartMoney.com columnist Jack Hough’s piece entitled “It’s Time to Buy That House”, which was published in the Wall Street Journal on October 15, 2011. His argument is supported by the fact that the ratio of house prices to yearly rents is nearly restored to its pre-bubble average. And, when today’s historically low mortgage rates are taken into consideration, homes are more affordable than they have been for decades.

Then Wall Street Journal columnist Nick Timiraos followed up with a piece entitled “Stronger Lure for Prospective Home Buyers” on November 26, 2011. He summarized why buyers are looking to get back into the market:

Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities…

Meanwhile, rent levels have risen briskly across the country and mortgage rates, hovering around 4%, are the lowest in six decades. As a result, monthly mortgage payments on the median priced home—including taxes and insurance—are lower than the average rent levels in 12 metro areas…

On November 27, 2011, Wall Street Journal columnist Amy Hoak wrote an update article on the Rent Vs. Buy debate entitled “Making a new case for home buying”. The conclusion of the article boiled down to this: Renting Saves money, but tenants need to invest all the money they save to be better off than homeowners… but tenants don’t invest. The study found 90% of the time, “you are better off buying”.

Then… Warran Buffet said what many others were thinking

On February 27, 2012 Warran Buffet, CEO of Berkshire Hathaway, made “big” news in the real estate headlines. He said that “buying single-family homes is such a great investment right now, if it were practical, he’d buy a couple hundred thousand of them.” Buffett told CNBC’s Becky Quick that homes, held over the long term, provide a better investment than stocks. If you factor in that prices in some areas are at a 10-year low and inventory levels are high, the conditions are ideal for buying.

Even though Warran Buffet said what many people were already thinking, when he “said it” the general public started believing that “now is the time to buy”.

Perhaps Buffet’s comments marked a turning point in public perceptions; however, in Orange County, the supply of homes began falling in July of 2011. By mid February 2012, ReportsOnHousing.com reported “The active listing inventory is also at its lowest point for this time of year dating back to 2005. With less inventory and increased demand, the expected market time for Orange County has dropped to 2.1 months.”

Now… Jump forward two months to May 2012

The results of many buyers deciding “now is the time” back in February and March are now being seen in the Nationwide and the Orange County markets.

In Bloomberg we see the headline: “Housing Market in US Reaching Bottom” on May 7, and two days later they report: “Home Prices Rise in Half of US Cities as Markets Stabilize”. The Orange County Register reported on May 7th, “Homebuying Spree Hits All Corners of OC”. And, looking deeper into the numbers in Orange County, ReportsOnHousing.com reported:

“The market is changing in just about every way” according to Steven Thomas, “… nobody forecasted this major step in a housing recovery. The current statistics are staggering: Listing Inventory is at its lowest point since June 2005; Demand is at its highest level since June 2005; The expected market time is at its lowest level since June 2005; Closed sales have not been this high since October 2006 (May 2010 was at a similar level, but only temporary due to the expiration of the first time home buyer tax credit); The distressed property inventory is at lows not seen since September 2007. …Ask any buyer, seller, REALTOR® who is involved in today’s market and they will articulate how homes are flying of the market with multiple offers.”

So where are we headed from here…?

Whether you heard it or not, the Orange County real estate market “bounced” off the bottom at the end of 2011, and the conditions are now in place to sell your home very quickly.

Job growth does not yet appear to be the primary factor driving the market… it is the rock bottom mortgage rates and low monthly payments relative to rents which are driving buyers to purchase now.

If our job picture improves and we start generating high paying jobs while at the same time mortgage rates increase very slowly, it is likely that we will see a sustained slow improvement in prices over the next few years. However, it is anyone’s guess if this delicate balance can be achieved.

For now… it is a great time to buy because payments are low. And, it is a great time to sell because there are buyers who are eager to purchase your home and lock in a low mortgage rate.

A rapid rise in interest rates could change the market conditions quickly, so if you have been thinking of buying or selling it is to your advantage to “make the move” before mortgage rates rise.

For questions about buying and selling real estate in Orange County, contact Scot Campbell. He is the President of The Scot Campbell TEAM at Coldwell Banker-Campbell Realtors in Huntington Beach, CA. He has been a licensed broker for over 21 years and has brokered over 1000 homes and just about every type of transaction imaginable. Read his profile and client reviews at www.ScotCampbell.com He can be reached at 714-960-0700 at the office, 714-336-0394 on his mobile number or via email at Scot.Campbell@ColdwellBanker.com

For links to the articles referenced in this blog post, please see below.

http://www.realtydigestblog.com/2012/03/22/warren-buffett-says-hed-buy-a-couple-hundred-thousand-homes/

http://www.realtydigestblog.com/2011/10/24/wsj-its-time-to-buy-that-house/

http://www.realtydigestblog.com/2011/11/28/wsj-stronger-lure-for-prospective-home-buyers/

http://www.realtydigestblog.com/2011/11/28/wsj-making-a-new-case-for-home-buying/

http://www.bloomberg.com/news/2012-05-07/housing-market-in-u-s-is-reaching-bottom-ranieri-says.html

http://www.bloomberg.com/news/2012-05-09/home-prices-rise-in-half-of-u-s-cities-as-markets-stabilize.html

http://lansner.ocregister.com/2012/05/07/homebuying-spree-hits-all-corners-of-o-c/162247/

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National Real Estate Market Bottomed?

Scot Campbell — Thu, 26 Apr 2012 18:39:30 +0000

Dataquck Reports Increasing Prices in the national real estate market

By Scot Campbell 4/26/2012 Source: Bloomberg, LATimes, RealtyTrac, DqNews, Realtor MLS

This week may be remembered as the pivotal week in the transition of the national real estate market because this week a “housing bottom was declared” in several prominent news outlets including Bloomberg, the LA Times, and others.

Several economists (but not all) called a bottom to the worst real state collapse since the 1930s. Senior economists Chris Rupkey, Bank of Tokyo-Mitsubishi, Michelle Meyer, Bank of America, Mark Zandi, Moody’s, Mark Fleming, CoreLogic, and Stan Humphries from Zillow, are predicting prices are close to a trough. Here are comments from some of the believers:

Mark Zandi, Chief Economist, Moody’s Analytics – “The crash is over. Home sales – both new and existing – and housing starts are now off the bottom.” (Bloomberg 4/26/2012).

Christopher Thornberg, Principle, Beacon Economics who was one of the early predictors of the present downturn had this to say: “What are important are sales and inventory, and those are pointing in the right direction. I would say that by the end of the year, they should translate into better prices… The recovery is here.” (LA Times 4/26/2012)

Mark Fleming, Chief Economist of CoreLogic - “It’s just a matter of months before we get positive year- over-year numbers in the overall index. Our data lags the reality. The turnaround is happening in the March, April and May time frame.” (Bloomberg 4/26/2012)

Stan Humphries, Chief Economist of Zillow - “I characterize 2012 as a year in which the market is healing and the bottoming process is playing out,” Humphries said in a telephone interview. (Bloomberg 4/26/2012).

The L.A. Times added the following observation, “The Zillow website estimated that home values inLos Angeles hit a bottom in the first quarter (2012) as the median price flattened from February to March… Zillow’s is among several recent predictions that certain markets have put the worst behind them.” (4/26/2012).

Who are the prominent “non-believers” and what are they saying?

For years, the S&P/Case-Shiller index has been the most widely referencedreal estate index and Robert Shiller, a Yale Univeristy economics professor and co-creator of the index, has been one of the most quoted real estate economists during the real estate downturn. Mr. Shiller is not as optimistic as other economists; however, his index averages the last three months. This has a “smoothing” effect on the numbers, will mask a turning point in the market, and could explain why Mr. Shiller is less optimistic than his peers.

Robert Shiller,Yale University Economist/Co-Creater Case-Shiller Index - “I’m more concerned about the downside than most people. “I could see it staying languishing and edging down for years.” (Bloomberg Radio 4/25/2012).

Scott Simon, PIMCO - “Prices still have a way to fall because as many as 6 million homes with delinquent mortgages and in the foreclosure process are likely to come on the market. We think we’d go down another 3 or 4 percent over the next 12 months, probably bottoming sometime next year. One month does not change anything.” (Bloomberg Television “Surveillance Midday” 4/25/2012).

Mr. Simon is the head of mortgage and asset backed debt atNewport Beachbased Pacific Investment Management Company. Clearly, his analysis is highly weighted on foreclosure outcomes for the properties presently going through the foreclosure process rather than the current pace of sales or observations of price movements in the marketplace. Mr. Simon’s firm PIMCO has an army of MBAs researching the overall economy to help them better make investment decisions in the bond market.

It is worth looking at the foreclosure market, since this appears to be the area of disagreement:

Dataquick sells county records data and has been reporting on thereal estatemarket since 1988. ForeclosureRadar and RealtyTrac are among the tools of choice for investors and Realtors who are following homes through the foreclosure process. Their data is very accurate and timely. These three firms issue reports and opinions on the foreclosure market and have interesting insights derived from the raw foreclosure data which they compile monthly:

John Walsh, President, Dataquick - “A few years back, there were some breathtakingly negative forecasts making the rounds regarding the foreclosure problem. It’s not necessarily playing out the way some pundits thought.” (LA Times 4/26/2012)

Sean O’Toole, Chief Executive, ForclosureRadar – “The foreclosure market is turning into a drought, not a wave, and that has resulted in a lack of inventory. If it continues, it will likely mean that we’ve either seen a bottom — or have passed a bottom — in prices because of limited supply and still strong demand.” (LA Times 4/26/2012).

Daren Blomquist, Vice President, RealtyTrac makes a very good point in his April 21, 2012 article entitled It’s Not How Foreclosures Start, It’s How They Finish: “2012 will be a record year for short sales. In January, pre-foreclosure sales (typically short sales) increased 33 percent… and these pre-foreclosure sales actually outnumbered REO sales in 12 states, according to a RealtyTrac report that we issued on April 19 titled A Building Wave of Short Sales in 2012. I view short sales as a much more efficient way for the market to absorb the more than 4 million distressed loans that are either delinquent or have already started the foreclosure process — and it’s usually better for the lender, distressed owner and new buyer. So if the bulk of the foreclosure starts we’ve seen over the past few months end up as short sales rather than REOs, the housing market will be better off.”

When homes are sold as a “short sale” the properties are typically better maintained and most often fetch a higher price than a REO property which languished for many months or years with little or no maintenance. With short sales now outnumbering REO sales, and the trend continuing to increase, fewer and fewer REO properties will be “dumped” onto the market.

So what are we to believe about the future of the market with very prominent real estate economists in disagreement?

There is no debating that the inventory of homes for sale is way down compared to recent years, mortgage rates are rock bottom, and there are motivated buyers in the market place who WANT TO BUY this year.

The look of the market six months or a year from now is highly dependant on what happens with mortgage rates… if they “zoom up” many people who were thinking of either buyer or selling this year will wish that they had bought or sold.

Based on the number of motivated buyers in the market ready, willing, and able to buy, I am confident in saying this is the best selling season in years to sell a home in Coastal Orange County.

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Huntington Beach Foreclosure Sales Down 52%

Scot Campbell — Fri, 13 Apr 2012 17:52:12 +0000

CA – Foreclosure Outcomes

Note: The RED line represents Foreclosure Sales, Grey are Cancellations, Yellow are properties Sold to 3rd Parties (Investors who usually flip the homes).

by Scot Campbell – Source: ForeclosureRadar 04/13/2012

Here is the latest report from Foreclosure Radar on the number of properties sold at the foreclosure auctions in California:

For the second month in a row we’ve seen a dramatic drop in the number of properties sold at foreclosure, or “trustee sale”, auctions.

Foreclosure sales in California are down 16.7 percent from February to March 2012 and down 53.1 percent from March a year ago.

A total of 86,487 sales were scheduled to occur inCalifornia, but of those 80.0 percent postponed, and 10.6 percent were cancelled, leaving just 8,392 that were actually sold.

Third parties, typically investors, purchased a record 38.6% of the properties that did sell in California.

Foreclosure Sales in Huntington Beach are down too, 52% lower than March 2011. Here is the latest graph:

Huntington Beach,CA – Foreclosure Outcomes

Note: The RED line represents Foreclosure Sales, Grey are Cancellations, Yellow are properties Sold to 3rd Parties (Investors who usually flip the homes).

Foreclosure Radar is one of the data sources (in addition to MLS, title records, county records, and court records) that our Bidding Team uses to help investors (3rd Parties) buy foreclosure properties at the trustee’s sale auction (usually held at courthouse steps).

If you are an investor with a minimum of $500,000 in cash, and would like to buy properties at the foreclosure auction, Scot Campbell’s Bidding Team can help you do it. It is already working for several of his other clients.

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Orange County Rents forecasted to increase 5.1%

Scot Campbell — Fri, 13 Apr 2012 15:40:59 +0000

Rents are Rising in Huntington Beach

by Scot Campbell – Source: OC Register 4/13/2012

Jonathan Lanser of the Orange County Register reported today on residential rents, and it is a story many renters in Huntington Beach already know: “Rents are Increasing”.

The latest Casden Forecast from USC’s Lusk Center for Real Estate suggests that landlords will have the upper hand in the pricing game for the next two years.

First, if you didn’t know it: Rents are rising. Forecast author Tracey Seslen found rents up in 39 of Southern California’s 40 submarkets. Just two years ago, only three of the same submarkets had rising rents.

Seslen: “A sharp drop in new construction, the dwindling supply of shadow-market units, and improvements in the macroeconomy have strengthened fundamentals on both the supply and demand side. This is boosting asking rents, reducing or eliminating concessions, and filling units. However, the rate of increase will begin to level off a bit by 2013.”

As for Orange County specifically, USC sees average rents up 5.1 percent in two years.

Here is a link to the story: http://lansner.ocregister.com/2012/04/12/forecast-o-c-rents-to-rise-5-by-13/160747/

The Rent Vs. Own Economics favor homeownership in many neighborhoods of Huntington Beach as a result of rock bottom mortgage rates and prices which have fallen 35% (or more) since the peak of the market.

And, as a result, the inventory of available homes (especially in the lower price segments) has fallen to under a 2 months supply in Huntington Beach.

While interest rates remain low, there will exist a great window of opportunity for sellers to sell quickly for top dollar. Buyers have already worked the numbers and many are shopping and hoping to buy this spring!

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More Huntington Beach Homes Selling, and Selling Faster!

Scot Campbell — Wed, 04 Apr 2012 23:47:57 +0000

Huntington Beach Homes Are Selling

By Scot Campbell – Source Realtor CRMLS

The first quarter of 2012 is finished, so it is time for me to review how the Huntington Beach real estate market performed during the month of March and the first three months of the year.

Detached Residences in Huntington Beach

Comparing the first quarter of 2012 to last year, sales of Detached Homes in Huntington Beach are increased 13.09%, the average sales price is stable, the average price per square foot dropped 3.73%, the average days on market dropped from 115 to 101, and the percentage of distressed sales stayed constant at around 35%.

When comparing just March 2012 to March 2011, sales of Detached Homes in Huntington Beach increased 13.79%, the average sale price was 3.46% less, the average price per square foot was 3.22% less, the average days on market dropped from 114 to 105, and the percentage of distressed sales stayed constant at around 35%.

So, Huntington Beach detached home sales are on an upswing, and the homes are selling faster than last year. Prices are down slightly, but with very low levels of inventory in many price segments, it is very possible that the market will regain the ground lost during the last 12 months during the summer selling season.

Attached Residences in Huntington Beach

Comparing the first quarter of 2012 to last year, sales of Attached Homes in Huntington Beach are increased 11.39%, the average sales price increased 6.41%, the average price per square foot dropped 4.99%, the average days on market dropped from 134 to 123, and the percentage of distressed sales dropped significantly from 56.96% to 49.43%

When comparing just March 2012 to March 2011, sales of Attached Homes in Huntington Beach increased 1.45%, the average sale price was 2.07% less, the average price per square foot was 6.87% less, the average days on market dropped significantly from 143 to 98, and the percentage of distressed sales dropped significantly from 55.07% to 45.72%.

So, Huntington Beach attached home sales are also on an upswing. The time required to sell a property has fallen significantly, and the percentage of distressed properties has fallen by over 15% in March 2012.

When talking to Realtors out in the trenches showing both attached and detached properties to buyers, the biggest complaint is lack of available inventory.

So, it is likely that the Sales Volume in March 2012 would have been greater if more properties were on the market. Presently there are more buyers looking for properties to buy than good salable homes available for purchase.

This is the best selling season I have seen to put a home on the market in many years. Interest rates are low, and buyers are very concerned that the rates will go up and they will no longer be able to afford to purchase.

If you have been waiting to list a primary residence or rental property until the market picked up, all the evidence suggests this is the time for you to list the property(s)!

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OC Pending Sales Up, Inventory is way Down!

Scot Campbell — Mon, 02 Apr 2012 18:34:47 +0000

by Scot Campbell – Source: Reports On Housing

Rock bottom interest rates, and lower home prices have combined to bring the affordability of Orange County homes to the highest level we have seen since 1988 according to DataQuick. So for, the 2012 real estate market is starting out stronger than any year in recent memory:

The inventory of available homes is falling

The Active Listing Inventory Continues to Fall

The active listing inventory dropped to levels not seen since July 2005. The active listing inventory continues to drop and has shown no signs of letting up thus far. To date in 2012, the inventory has dropped by nearly 1,500 homes. After shedding an additional 328 homes in the past two weeks alone, the inventory now totals 6,615. Compared to 2010, there are 38% fewer homes on the market. There are 26% fewer than 2010. The levels are staggering. In the lower ranges, many buyers are writing offer after offer with no success. Prospective home purchasers in recent years enjoyed a buyers market with plenty of homes to see and all of the time in the world to make a decision. That is the polar opposite of today’s low range market.

Pending Home Sales in Orange County are running higher than previous years

Increased Buyer Demand is demonstrated by higher Pending Sales

In the past month demand has increased another 8%. Over all Orange County demand, the number of new pending sales over the past month, increased by 102 homes in the past two weeks and now totals 3,840. That’s 16% stronger than one year ago today. Based upon the number of buyers that have been unable to find a home due to lack of inventory, demand would be even stronger if there was more supply. For homes priced below $750,000, demand is HOT and the expected market time is 1.3 months. From $750k to $1 million, the expected market time is 2.7 months. From $1 million to $1.5 million, the expected market time is 3.5 months. From there, the market shifts gears. For all homes priced above $1.5 million, the expected market time is 9.3 months, a sharp contrast to the lower ranges.

It is the Rock Bottom Mortgage Rates which are primarily driving today’s market… and rates can and often do jump up quickly. When Sales are Up, and Invetory is Down, these are ideal conditions for selling! For homeowners thinking of selling, this spring may be the best Opportunity Window to sell that we see in the next couple years.

If you would like a “Neighborhood Snapshot” for your home, click on the ”FREE Instant Home Value Report” link in the upper right hand column. And, do not hesitate to contact me if you have questions about home selling.

Bidding Wars for Huntington Beach homes coming too?

Scot Campbell — Tue, 27 Mar 2012 23:19:19 +0000

Scot Campbell – March 27, 2012 Source: Realtor MLS & Bloomberg.com

Bloomberg reported today that many real estate markets across the country are seeing “bidding wars” for homes due to lack of available inventory.

According to a broker source in the Phoenix area, the inventory of available homes there has fallen 90% from the peak of this cycle’s buyers market.

Here is the bloomberg article: http://www.bloomberg.com/news/2012-03-27/bidding-wars-erupt-as-u-s-supply-of-homes-for-sale-falls.html

In Huntington Beach, the current inventory of non-short sale homes is 346. And, in the last 30 days there were 106 non-short sale listings which went into escrow… so we presently have a 3.23 months supply of non-short sale listings.

(Note: I leave short sales out because they often sit for months in back-up status and tend to cloud the water rather than give us a clear picture of inventory trends)

According to industry studies, a 3 month supply of homes represents a real estate market “in balance” with stable home prices.

In recent weeks, several of the transactions in our office have involved multiple offers and/or bidding wars well above the asking price.

In essence, it appears that buyers really, really want to lock in a low interest rate while they can… and many perceive time is running out. Now is an exceptionally good time to put your home on the market to take advantage of what may be a “temporary seller’s market”… the conditions Will Change once interest rates go up.

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Warren Buffett Says He’d Buy a Couple Hundred Thousand Homes

Scot Campbell — Thu, 22 Mar 2012 23:14:06 +0000

By Scot Campbell Source: National Assn of Realtors

On February 27, 2012 Warran Buffet, CEO of Berkshire Hathaway, said that buying single-family homes is such a great investment right now, if it were practical, he’d buy a couple hundred thousand of them. Given how low rates are for a 30-year fixed-rate mortgages (3.95 percent, according to the Freddie Mac Mortgage Index), Buffett told CNBC’s Becky Quick that homes, held over the long term, provide a better investment than stocks. If you factor in that prices in some areas are at a 10-year low and inventory levels are high, the conditions are ideal for buying. Here is a link to the story: http://speakingofrealestate.blogs.realtor.org/2012/02/28/warren-buffett-says-hed-buy-a-couple-hundred-thousand-homes/

According to Dataquick, Orange County home payments adjusted for inflation are down 64% from the 2007 peak. And, in many neighborhoods the rent payment on a home is equal to or more than the monthly payments for owning.

Absentee buyers – mostly investors (and some second-home purchasers) – bought a record 29.7 percent of the Southland homes sold in February 2012.

Investors are taking the advice of Mr. Buffet by the thousands here in Southern California. If you are interested in learning how to buy rental homes in Huntington Beach and other areas of Orange County, we can show you how to do it!

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Where are Mortgage Rates Headed Now?

Scot Campbell — Sun, 18 Mar 2012 18:06:45 +0000

by Scot Campbell - March 18, 2012

In the last few months talking to my clients interested in buying or selling Huntington Beach homes, the general consensus on interest rates has been that they are going to stay low for two more years.

And, as such, the opinion seems to be there is plenty of time to either buy or sell and take advantage of the low rates.

While I agree the economy is not yet back on its feet completely, I certainly do not take it for granted that mortgage rates are doing to stay as low as they are right now.

I did my graduate studies in Real Estate Economics and the one lecture I remember the most was on the future of interest rates. My professor stated the following axiom which I have come to live by:

“There are only two experts when it comes to interest rates: The experts who will readily admit they do not know (for sure) which way interest rates are moving, and the experts that do not yet realize they do not know which way interest rates are moving.”

The fact is, we do not know when mortgage rates are going to start going up. And, two years is a “lifetime” in the bond market.

According to DataQuick, the combination of lower prices and lower mortgage rates have brought the inflation adjusted average monthly payment for a Southland home down 64% from the peak of the last real estate cycle in 2007. So for a home that had a payment of $3,000 per month in 2007, the payment today is $1,080.

As a seller, it is important to remember that Your Home is More Saleable when mortgage rates are low because more buyers can Qualify to Buy.

As a buyer, it is important to remember You Will Save Thousands of Dollars if you buy when mortgage rates are low, and/or you can qualify for “more house”.

So, wheather you are a buyer or a seller, today’s rock bottom mortgage rates offer an “open window of opportunity” for you.

When will the window close?

I am one of the experts who will tell you “I do not know which way interest rates are headed”… so I do not know how much longer you have to take advantage of the low rates. But, I am trying to help as many buyers and sellers take advantage of the low rates as possible while the window of opportunity is open.

Which type of interest rate expert are you?

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California & Huntington Beach sales both Up over 5%

Scot Campbell — Sat, 17 Mar 2012 01:56:58 +0000

California February Home Sales were up

By ScotCampbell– March 16, 2012 – Source DataQuick

An estimated 29,630 new and resale houses and condos were sold across California last month. That was up 5.4 percent from 28,111 in January, and up 8.5 percent from 27,320 in February 2011.

Huntington Beach Single Family Home Sales Volume was up 5.26% according to the Realtor MLS.

A slight increase in sales from January to February is normal for the season. Last month’s sales were the strongest for a February since 31,228 homes were sold in 2007. On a year-over-year basis, sales have increased the past seven months. Statewide sales for the month of February have varied from a low of 20,513 in 2008 to a high of 48,409 in 2004, while the average is 32,017. DataQuick’s statistics go back to 1988.

The median price paid for a California home last month was $239,000, up 1.3 percent from $236,000 in January, and down 2.0 percent from $244,000 for February a year ago. The median has decreased on a year-over-year basis for the last 17 months. The median’s low point for the current cycle was $221,000 in April 2009, while its peak was $484,000 in early 2007.

The typical mortgage payment that home buyers committed themselves to paying last month was $901. That was up slightly from January’s $893, which was the lowest since $882 in February 1999.

Adjusted for inflation, last month’s typical payment was 59.8 percent below the 1989 peak of the prior real estate cycle, and 67.4 percent below the 2006 peak of the current cycle.

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