Industry News

Southern California homes sell at slowest pace in 9 years

Prices fall in San Diego for fourth month, report finds

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Home sales in Southern California dropped for the 10th consecutive month in September, while home-price appreciation slowed to a snail's pace, a real estate information service reported Thursday. A total of 22,654 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, down 11.6 percent from 25,628 in August, and down 28.6 percent from 31,740 for September a year ago, according to DataQuick Information Systems. A decline from August to September is normal for the season, DataQuick reported, and last month's sales count was the lowest for any September since 1997 when 21,320 homes were sold. Since 1988, September sales have ranged from 12,838 in 1992 to 34,653 in 1988. The September average is 23,341, slightly above last month's sales. "Now is when things get interesting. The vast majority of home buyers have done very well for themselves the past few years. As things level off, though, we should be able to quantify how m...