Home sales still slow

June's numbers from Dataquick repeat a pattern we've seen for some time: Sales are up from the previous month, but still down sharply from a year earlier. And prices keep falling. Only 5,678 properties were sold in L.A. County last month, down 25.1 percent from June 2007. The median price was $415,000, down almost 24 percent from a year earlier. There are some important regional distinctions at play in the new report. Riverside County had an 11.8 percent increase in sales from a year ago, while the median price plunged 31.3 percent, to $275,000. That suggests a lot of foreclosure activity going on the Inland Empire. But in more established residential areas, there's not that level of desperation. In fact, a number of communities are still showing more-than-decent activity. Of course, now the problem is getting a loan. "The mortgage market turbulence is putting quite a bit of activity on hold," said John Walsh, DataQuick president. "Even some very well-qualified households aren't getting mortgages these days, although this could all change fast if liquidity comes back." Jumbo loans (those above $417,000) accounted for just 16.3 percent of all Socal sales in June, compared with about 40 percent before the credit crunch really hit last summer.

JUNE HOME SALES (% change from June 2007)
Los Angeles 5,678 -25.1%
Orange 1,930 -26.9%
Riverside 3,757 11.8%
San Bernardino 2,215 1.1%
San Diego 3,077 -12.3%
Ventura 767 -13.4%

JUNE MEDIAN PRICE (% change from June 2007)

Los Angeles $415,000 -23.9%
Orange $495,000 -23.3%
Riverside $275,000 -31.3%
San Bernardino $240,000 -34.2%
San Diego $370,000 -25.3%
Ventura $420,000 -27.8%

Source: DataQuick Information Systems, DQNews.com


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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