Industry News

Real estate slowdown continues in California

Year-over-year price appreciation dips 1% in San Diego area

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Home sales dropped 24 percent in the San Francisco Bay Area in June compared to June 2005, and were down 17.5 percent in Southern California during the same period, according to real estate research company DataQuick Information Systems. Bay Area prices increased at their slowest pace in more than three years, DataQuick reported, with prices up 5.6 percent in June compared to June 2005. Price appreciation slowed in Southern California, too, and a decline in median price was reported in San Diego County in June 2006 compared to June 2005. A total of 9,892 new and resale houses and condos were sold in the nine-county Bay Area region last month, which was up 9.1 percent from May but down 24 percent from 13,014 from June 2005. The year-over-year decline for June was the 15th in a row. The average June sales count since 1988 is 9,840. "The market is definitely slowing but can only be considered 'slow' when compared to the hot market of 2004 and 2005. In reality, today's market is pretty n...