Home sales are up, but it's still a sideways market

See, there were more business days in August than in the previous month or in August of 2010. So, the folks at Dataquick say it's not surprising that the numbers are a little better. But it doesn't mean there's any big turnaround. L.A. County sales were up 6.5 percent from July and 6.7 percent from a year earlier. Median price was $315,000, down 1.5 percent from July and 4.5 percent from a year earlier (prices have bounced around in the low 300s for months). From press release:

"Scratch beneath the surface and there's not a lot to cheer about this month. Home sales were up from a year earlier but remained far below average. Many would-be buyers can't find financing, and others who want to make a move now are stuck because they owe more than their homes are worth. Financial markets are increasingly choppy, the political outlook is incredibly murky and consumer confidence remains poor. Needless to say, it's not an environment ripe for stabilizing the housing market," said John Walsh, DataQuick president.

AUGUST HOME SALES (% change from Augusty 2010)
Los Angeles 6,595 +6.7%
Orange 2,780 +9.5%
Riverside 3,643 +4.7%
San Bernardino 2,622 +4.3%
Ventura 765 +6.4%

AUGUST MEDIAN PRICE (% change from August 2010)
Los Angeles $315,000 -4.5%
Orange $420,000 -4.5%
Riverside $190,000 -5.0%
San Bernardino $150,000 -5.1%
Ventura $355,000 -4.1%

Source: DataQuick, DQNews.com