Southern California real estate market remains soft
Home sales in southern California have sunk to a three-year low for October and the year-over-year price increase the smallest in 28 months.
Sales of new and previously owned houses and condominiums in all six of the region’s counties fell 4 percent from a year earlier, to 19,271 — but 18 percent below the October average of 23,413 properties — CoreLogic DataQuick said. The median price fell 7 percent to $410,000.
In Los Angeles County, sales fell 3 percent — from 7,038 a year ago to 6,808 — while the median price rose 7 percent, from $425,000 a year earlier to $455,000 last month.
San Bernardino County sales declined 7 percent — from 2,530 last year to 2,358 — and the median price was up 7 percent, from $229,550 to $245,000.
Sales for October were down 0.4 percent from September’s 19,348, close to the 0.3 percent average month-to-month decline dating back to 1988, when the company began tracking the market.
Prices, as well, continue to flatten. October marked the fifth consecutive month of single-digit price gains after 22 straight months of double-digit increases