Industry News

Southern California home sales hit 9-year low

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Southern California home sales declined for the eighth consecutive month and hit the slowest pace in nine years, while the rate of home-price appreciation fell to the lowest level since fall 1999, according to DataQuick Information Systems, a real estate information company. A total of 22,712 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July, DataQuick reported, down 22.3 percent from 29,237 sales in June and down 26.9 percent from 31,069 sales in July last year. Last month's sales total marked the lowest for a July since 1997, when 22,302 homes sold, and fell below the July average of 24,669, which dates back to 1988. The strongest July was in 2003, when 33,561 homes sold, while the weakest was in 1995, with 15,077 sales, according to DataQuick statistics. Sales generally decline from June to July, DataQuick noted, though last month's 22.3 percent drop was the biggest since the company began tracking the market in 198...