Industry News

SoCal real estate sales slow for sixth month in May

Steepest drop in activity reported in Orange County

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Southern California slowed for the sixth month in a row in May, falling 11.7 percent compared to May 2005. It was the region's lowest sales total for the month since May 1999, according to DataQuick Information Systems, a real estate information service. Also, home-price appreciation in May fell to the slowest pace in the past six years. About 27,286 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in May, which was up 10.3 percent from April but down from May 2005, according to DataQuick Information Systems. Sales dropped 31.6 percent in Orange County, 24.3 percent in Ventura County, 18 percent in San Diego County, 8.6 percent in Riverside County, and 4.7 percent in Los Angeles County, while rising 2.6 percent in San Bernardino County from May 2005 to May 2006. Meanwhile, median prices increased 17.2 percent in San Bernardino County, 10.9 percent in Los Angeles County, 9.4 percent in Riverside County, 7.6 percent in Ora...