Industry News

Home sales, appreciation down in Southern California

December transactions fall to lowest level in 4 years

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Southern California home sales fell to their lowest level in four years as price increases eased back another notch, a real estate information service reported today. A total of 28,952 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 4.8 percent from 27,637 in November, and down 4.5 percent from 30,317 for December last year, according to DataQuick Information Systems. A decline from November to December is normal for the season. Last month's sales count was the lowest for any December since 24,913 homes were sold in December 2001. The Inland Empire bucked the regional trend and posted sales increases last month, led in part by record-breaking sales of newly built homes. "The frenzied part of this real estate cycle is behind us and what we're seeing so far is a normalizing of the market. Mid-market and entry-level homes are selling well, the move-up and prestige markets are leveling off. It'll be i...