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Southland Home Sales Slowest Since 1993, Prices Up
Southern California's real estate market slowed to its lowest sales pace in 14 years last month, led by steep sales drop-offs in the Inland Empire and other affordable markets, a real estate information service reported.
A total of 20,166 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 1.5 percent from 19,874 for the month before, and down 36.2 percent from 31,602 for June last year, according to DataQuick Information Systems.
The median price paid for a Southland home was $502,000 last month, down 0.6 percent from $505,000 for May. That was up 2.4 percent from $490,000 for June last year.
The median price for an Orange County home returned to record territory with the first monthly high since June 2006, DataQuick Information Systems reported today.
June's median selling price for all residences was $645,000, or 0.4% above a year ago. The previous record was $642,500 set in June 2006.
But don't interpret the new high to be a sign the housing downturn has bottomed out and started to recover, said DataQuick number cruncher Andrew LePage.
Entire report HERE
Housing Bubble and Real Estate Market Tracker from SA for 7/17
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