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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Socal Home Sales At 15-year Low, Prices Edge Down
Posted on 09/13/2007 09:28:20 | Link | Post Comment
Home sales in Southern California dropped to their lowest level since 1992 as buyers, sellers and lenders held back in an environment of market uncertainty. Prices are off their peak, markedly so in lower cost neighborhoods, a real estate information service reported.
Orange County's housing’s lethargic August doesn’t look nearly as depressing when you ponder the SoCal picture depicted by DataQuick, which reported that last month’s regional home sales fell to their lowest level since 1992. Says DQ: “It looks like we’re pretty close to a ‘floor’ level of purchase activity right now. Market uncertainty has squeezed out most discretionary buying. Prices appear to be holding steady in expensive markets because potential sellers can wait the market out. That’s not the case in more affordable areas where we’re seeing price declines.” Here’s the county-by-county results for August HERE
Orange County's housing’s lethargic August doesn’t look nearly as depressing when you ponder the SoCal picture depicted by DataQuick, which reported that last month’s regional home sales fell to their lowest level since 1992. Says DQ: “It looks like we’re pretty close to a ‘floor’ level of purchase activity right now. Market uncertainty has squeezed out most discretionary buying. Prices appear to be holding steady in expensive markets because potential sellers can wait the market out. That’s not the case in more affordable areas where we’re seeing price declines.” Here’s the county-by-county results for August HERE
Last month's sales were the slowest for any August since 1992, when 16,379 homes sold, the lowest for any August in DataQuick's statistics, which go back to 1988. The strongest August was in 2003, when 39,562 homes sold. The August sales average is 28,160.
The median price paid for a Southland home was $500,000 last month, down 1.0 percent from $505,000 in July, and up 2.7 percent from $487,000 for August last year. It was up 5.8% for L.A.
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