Homes sales down, prices up

Actually, April sales were way down, reaching a 12-year low throughout Southern California, according to DataQuick, which released the numbers this morning. L.A. County saw a 22.2 percent drop from a year earlier (remember, the year-ago comparisons weren't all that strong), but San Bernardino fell 46.7 percent and Riverside was down 45.1 percent. The declines were concentrated in lower-cost markets - perhaps reflecting the subprime troubles. Another factor: the lower end market was last in line for price and sales increases during the boom times and now it's experiencing the endgame of the cycle. Prices, though, are another story. Last month the median price in L.A. County was $540,000, a nearly 6 percent increase from a year earlier. That's an astounding number considering this was supposed to be the year when prices would fall. And in some areas of Socal, such as Riverside, Ventura and San Diego, they are falling. What the L.A. numbers show is that despite sluggish sales, there's little or no incentive to lower asking prices. Here's the rundown:

Los Angeles $540,000 5.9%
Orange $629,000 -0.2%
Riverside $409,000 -1.0%
San Bernardino $370,000 2.8%
San Diego $490,000 -3.0%
Ventura $572,000 -2.4%

Source: DataQuick Information Systems