Industry News

Home sales sink at record levels in two California regions

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The median home price in Southern California plunged 10.3 percent while sales fell 42.7 percent in November compared to the same month last year, real estate data company DataQuick Information Systems reported this week. Home sales in the San Francisco Bay Area dropped 36.2 percent from November 2006 to November 2007. The sales totals for both regions were the slowest on record for the month of November in the history of DataQuick's statistics, which date back to 1988, and the year-over-year price drop in the Southern California area also set a record. San Francisco-area sales, which cover a nine-county region, have declined on a year-over-year basis for 34 consecutive months, DataQuick reported. The company tracks sales and prices for new and resale houses and condos. Housing starts in the state, meanwhile, dropped 44.6 percent in November compared to the same month last year, while January-November starts were down 31.5 percent compared to the same period last year, acco...