Industry NewsMarkets & Economy

California sees dwindling home sales, prices

DataQuick: Big drop-off in jumbo loans reported
Published on Mar 19, 2008

Although February home sales across Southern California and the San Francisco Bay Area picked up from January, they posted huge declines from a year ago and median prices tumbled. According to real estate information service DataQuick, home sales last month in the six-county Southern California region limped along at the slowest pace ever for a February -- with just 10,777 new and resale houses and condos changing hands. That's a 39 percent decrease from the 17,680 sales reported in February 2007, but an 8 percent jump from 9,983 sales in January 2008. The median price paid for a home in the region, which comprises Los Angeles, Orange, Riverside, San Diego, Ventura and San Bernardino counties, fell to $408,000 last month, down a record 17.6 percent from $495,000 a year ago. The sharp decline in the median reflects two things: depreciation, especially in areas rife with foreclosures, and a substantial shift in the types of homes selling, DataQuick reported. Most notable in ...

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