Home sales cooling off a bit

homesalesaugust.jpgLots of cross-currents at play in the new Dataquick report as the summer home-buying season draws to an end. August sales in Southern California fell 0.8 percent from the previous month (basically unchanged in L.A. County), and median prices remained unchanged at $385,000. Prices have stabilized because more properties have come onto the market and fewer buyers are doing all-cash deals that tend to inflate the numbers. However, this remains a wobbly market, certainly compared with the robust, pre-recession years. Higher interest rates can't be helping. Last month's median price was still 23.8 percent below the peak of $505,000 six years ago, though it's up from the low point of $249,000 in April 2009 - and up sharply from a year ago. Much of the sales action has been above the $500,000 mark, one more sign of Socal's bifurcated economy. From press release:

"There's something for everyone in today's housing data. Sellers have seen an amazing price jump from just a year ago, allowing many to finally sell at a profit. Home shoppers have more properties to choose as we begin to see a 'supply response' to higher values. Price pressures appear to be easing, though, amid higher mortgage rates, more supply and fewer cash and investor purchases. As we head into fall and winter, a slower time of year, we'll probably see year-over-year price gains continue to taper," said John Walsh, DataQuick president.

AUGUST HOME SALES (% change from August 2012)
Los Angeles 8,038 +1.5%
Orange 3,477 +4.2%
Riverside 3,740 +6.3%
San Bernardino 2,773 +2.5%
Ventura 930 -4.9%
SoCal 23,057 +2.8%

AUGUST MEDIAN PRICE (% change from August 2012)
Los Angeles $429,000 +28.1%
Orange $560,000 +25.8%
Riverside $265,000 +26.2%
San Bernardino $210,250 +25.1%
Ventura $450,000 +23.3%
SoCal $385,000 +24.6%

Source: DataQuick, DQNews.com

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent Real estate stories:
Socal housing market going nowhere fast
Stability returns to housing market
Home flipping by and for the favored few
LA to get denser and denser and denser
Home sales cooling off a bit

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner

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
LA Observed on Twitter and Facebook