Industry News

Southern California home sales plunge 25%

Prices fall in San Diego for third month, report finds

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Home sales in Southern California fell for the ninth straight month in August, as price levels appeared to be nearing a plateau, a real estate information service reported today. A total of 25,628 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, down 25.3 percent from 34,292 sales in August 2005, but up 12.8 percent from 22,712 sales in July, according to DataQuick Information Systems. Last month's sales count was the lowest for any August since 22,308 homes were sold in August 1997, DataQuick reported. "There's an awful lot of moaning going on right now. Potential buyers and sellers need to be careful what they believe and exercise common sense in their decision making," said Marshall Prentice, DataQuick president. "The market is certainly off from its frenzy, but we have to remember that it takes much more downward pressure to push prices down than upward pressure to push them up. Prices have doubled the last fo...