BrokerageIndustry News

SoCal sales soar 65%; prices sink 33%

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Southern California home sales soared a record 65 percent in September from the record lows during the same month last year, according to real estate data company MDA DataQuick, with resales of foreclosure properties accounting for half of all transactions. The median home price, meanwhile, plunged 33.2 percent year-over-year in September. DataQuick reported 20,497 that new and resale homes closed escrow in September, compared to 12,455 in September 2007, when the credit crunch bit heavily into the jumbo loans market. The monthly sales total was the highest since December 2006 and represents the largest year-over-year gain in the history of DataQuick's statistics, which date back as far as 1988. John Walsh, president of MDA DataQuick, said in a statement that the sales data must be viewed "in the proper context," as the data represents purchase decisions that were made in the mid-to-late summer -- prior to "the dramatic worsening of the nation's economic crisis ......