Industry News

Southern California home sales slide

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Southern California home sales in November fell to the lowest total for that month since 1997, according to a report by real estate research company DataQuick Information Systems. A total of 20,388 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in November, down 7.8 percent from October and 26.2 percent from November 2005. Since 1988, average sales in October for the region are 21,200, with a high of 27,637 in November 2005 and a low of 13,537 in 1991. "Sales levels are still closer to the middle than to the peak or the bottom," said Marshall Prentice, DataQuick president, in a statement. "While it appears that (prices) peaked last summer, we need to remember that summer buyers generally pay somewhat more for their homes than winter buyers. Additionally, different markets appear to have peaked at different times." The median price paid for a Southland home in November was $487,000, up 0.6 percent from October and up 1.7 perc...