Industry NewsMarkets & Economy

Sales rise, prices tumble in Southern California

Real estate roundup

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Foreclosure resales are a 'dominant factor' in Southern California market Southern California sales hit the highest level in over a year, real estate research company DataQuick reported today, with sales up 13.8 percent year-over-year in July. The July sales count -- 20,329 new and resale homes and condos sold in the six-county Southern California area -- was the highest since March 2007, when 21,856 homes were sold. But the count was still 23 percent below average July sales since 1988, the first year of DataQuick statistics for the region. The median price for the region dropped 31.1 percent year-over-year in July, falling from $505,000 to $348,000. "Foreclosure resales continue to be a dominant factor in today's Southern California market," and accounted for 43.6 percent of all resales in July, up from 7.9 percent for the same month last year, DataQuick reported. Builders' monthly confidence index unchanged in August While components of a monthly index th...