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Thursday, Nov 30, 2023

‘Sub-Par Month’ for Homes Sales

Southern California home sales slowed in October as prices have begun to stabilize, according to a report released Wednesday. Sales in the six-county region fell 4.4 percent to 19,271 homes, as the median price for all new and existing houses and condos hit $410,000. That was down 0.7 percent from September but up 6.8 percent from October 2013, according to real estate data firm CoreLogic DataQuick in Irvine. In Los Angeles County, the median price hit $455,000, up 7.1 percent from a year earlier. Home sales fell 3.3 percent to 6,808 units last month. Andrew LePage, an analyst with DataQuick, said a decrease in investor sales contributed to the drop off. October home sales have ranged from a low of 12,913 in 2007 to a high of 37,642 in 2003. October 2014 sales were 17.7 percent below the October average of 23,413 sales. “It was another sub-par month for Southern California home sales. We’ve yet to see traditional buyers fill the void left by the drop-off in investor and cash buyers, which began in spring last year,” he said in a statement. “The resale market is hampered by constrained inventory in many areas, in part because some people who want to put their homes up for sale still haven’t regained enough equity to purchase their next home.” The region covered by the report includes Ventura, San Bernardino, Los Angeles, Orange, Riverside and San Diego counties.

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