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Not a lot that's new in the latest DataQuick report. The median price of an L.A. County home was $330,000 in September, just a touch higher than for the previous month and 8.3 percent lower than for September 2008. The year-ago comparisons have been steadily improving these past few months and Orange County eked out a slight gain, the first for any month in more than two years. L.A. home sales were also flat compared with a month earlier and up almost 14 percent from a year earlier. From the press release:
"There were more than just normal, seasonal forces at work in these September sales numbers. More attempts at short sales, which typically take longer, and new appraisal rules no doubt delayed some deals this summer, causing them to close in September rather than August. September probably also got a boost from people opting to buy sooner rather than later to take advantage of the federal tax credit for first-time buyers, which is set to expire next month," said John Walsh, MDA DataQuick president.
Foreclosure resales made up 40.4 percent of all Socal homes resold last month, down slightly from 41.7 percent in August. Meanwhile, sales of homes in the $500,000-plus range account for 21 percent of sales, somewhat higher than in previous months. But Dataquick points out that the "jumbo" loans typically required to purchase high-end properties are still tough to come by.
SEPTEMBER HOME SALES (% change from September 2008)
Los Angeles 7,138 +13.8%
Orange 2,828 +6.0%
Riverside 4,312 -5.3%
San Bernardino 3,023 +6.8%
San Diego 3,454 +2.6%
Ventura 784 -3.0%
SEPTEMBER HOME PRICES (% change from September 2008)
Los Angeles $330,000 -8.3%
Orange $429,000 +0.9%
Riverside $185,000 -22.1%
San Bernardino $150,000 -26.8%
San Diego $325,000 -0.9%
Ventura $371,750 -3.4%
Source: MDA DataQuick, DQNews.com
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.