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July Home Sales Continue Dropping in Southern California

Southern California home sales dropped to their lowest July amounts in four years, according to data reported by the Los Angeles Times. Median home prices were also down four percent to $283,000.

According to San Diego based real estate data provider DataQuick, a sum of 18,090 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July — depressed 11.9 percent from 20,532 in June and dropped 4.5 percent from 18,946 in July 2010.

Prices kept falling, too. The median price (the cost that half of homes sold for more and the other half sold for less) has fallen for the past five months, year-over-year. The median has remained stagnant, or reduced, with figures from a year prior every month since December 2010, when it posted a relatively meager 0.3% annual increase.

The only remotely grey lining in the data is that the actual slide in sales measured from 2010 was the lowest in the past 13 months. June’s drop in purchases was more accentuated, according to Dataquick, particularly for homes listed or more than $500,000, as overall economic instability continued to shake buyer confidence and the job market remained extremely unstable.

All those negative variables continue to influence the floundering housing market. And this month sees the addition of a number of new ones, including the faltering U.S. credit rating, interest rates, and wild market activity, which will most likely yield more of the same news in the upcoming data for August. If you are struggling with a real estate related matter, call 800-449-4850to contact Los Angeles real estate lawyer Art Matthews at Matthews Law Firm, Inc. for a free case review.

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