Industry News

Real estate sales slow in Southern California

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Southern California home sales dropped from November 2004 to November 2005 in several Southern California counties while prices continue to escalate, a real estate information service reported today. About 27,600 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in November, which was down 3 percent from October and up 0.6 percent from November 2004, according to DataQuick Information Systems. A decline from October to November is normal for the season. The strongest November in DataQuick's statistics was in 1988 when 29,303 homes were sold. The slowest November was in 1991 when 13,537 homes were sold. So far this year 326,746 Southland homes have been sold, virtually unchanged from 326,880 for the first 11 months of last year. "Potential buyers typically get off the fence when interest rates are on the rise, that may account for part of last month's high sales count. Additionally, more homes are on the market these days,...