Industry News

California real estate sales cool

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Overall home sales across California slowed in September as home prices across the southern part of the state hit a new peak, according to real estate information service DataQuick. A total of 29,942 homes were sold in Southern California's Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in September, down 3.8 percent from August's 31,131 and down 8.7 percent from 32,813 for September last year, DataQuick reported. The year-over-year sales decline was strongest in Orange County, while sales were up slightly in the Inland Empire, where home prices averaged $301,500 in September. The median price paid for a Southern California home was $409,000 last month, a new record. That was up 0.5 percent from $407,000 in August, and up 22.1 percent from $335,000 for September 2003. "The real estate cycle is playing itself out in predictable fashion. The home categories which first picked up steam six or seven years ago are now leveling off. Mid- and entry-level ...