Home sales in Southern California picked up slightly in October, despite market uncertainty and reduced availability of jumbo mortgage loans, according to statistics compiled by DataQuick Information Systems.

The 12,999 homes sold in Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties during October represented a 4.4 percent increase from the previous month.

But it was still the slowest October since DataQuick began collecting statistics in 1988, with sales down 45.3 percent from a year ago. Over the past 20 years, October sales have averaged 24,725 homes.

San Bernardino County saw the sharpest drop in year-over-year sales volume — 54.8 percent — while sales in San Diego County were off by 32.5 percent.

The median sales price for the region fell 8 percent, to $444,000, DataQuick reported — the lowest since April 2005 when it was $440,000. Riverside County saw the sharpest year-over-year decline (down 15.1 percent, to $350,000) and Los Angeles the smallest (3.8 percent, to $500,000).

Sales of homes with conforming loans of $417,000 or less have seen a normal seasonal drop of 20 percent since the summer, while sales of homes requiring “jumbo” loans have dropped by 60 percent, DataQuick said.

After adjusting for the shift in the mix of homes that are actually selling — more lower-priced houses, and fewer higher-priced homes with jumbo loans — prices are down a more modest 6.7 percent from a year ago.

“We can expect the issues with jumbo financing to slowly resolve themselves,” said Marshall Prentice, DataQuick president, in a press release. “Meanwhile, demand is accumulating and when the market does level off, there will be a catch-up period.”

Source: DataQuick Information Systems

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Hear from Realogy, Pacaso, SERHANT., Spotify, Redfin, Douglas Elliman, and 100+ more leaders at ICNY.Register now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription