Dip in L.A. home sales

A total of 7,189 new and resale homes sold in L.A. County last month, down almost 1,000 units from July (though still up from August 2008). The unusual sales decline from July to August could be the result of fewer foreclosed homes on the market, as well as financial uncertainty among potential homeowners. Prices keep creeping up: August's median of $329,500 was $8,500 higher than in July, but still 13.3 percent lower than in August 2008. From the release:

"There's still a lot of uncertainty out there about prices, interest rates and the availability of mortgage money. Additionally, we don't know if this drop in foreclosure resales is temporary. We're hearing from public agencies and the banking industry that there's still a lot of financial distress in the pipeline," said John Walsh, MDA DataQuick president.

Foreclosures accounted for 38.8 percent of August's resales, down from 40.7 percent in July. The foreclosures in newer, more affordable neighborhoods are where much of the sales activity has been centered. Older, more expensive neighborhoods have seen prices come down at a slower pace.

AUGUST HOME SALES (% change from August 2008)
Los Angeles 7,189 +17.1%
Orange 2,790 +2.8%
Riverside 4,145 +1.6%
San Bernardino 3,276 +34.3%
San Diego 3,306 +5.0%
Ventura 796 -6.4%

AUGUST MEDIAN PRICE (% change from August 2008)
Los Angeles $329,500 -13.3%
Orange $427,750 -2.8%
Riverside $190,000 -23.2%
San Bernardino $145,000 -32.6%
San Diego $325,000 -7.1%
Ventura $375,500 -6.1%

Source: MDA DataQuick, DQNews.com