Housing Sales Slump In May – High Desert Home Prices Could Be Hit Hardest – Apple Valley Hesperia Phelan Victorville

Housing Sales Slump In May – High Desert Home Prices Could Be Hit Hardest – Apple Valley Hesperia Phelan Victorville

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(Best Syndication) May was the slowest month in 12 years for home sales in Southern California. The slowdown hit the lower priced home markets the hardest left the Southland's median sales price nearly unchanged.

According to Dataquick, a data provider for the real estate and appraisal industry, 19,874 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. This is the lowest since May of 1995 when only 17,712 homes sold. The “strongest” month of May was 2005, when 35,557 homes sold.

The high desert market may have been hit the hardest including Victorville, Barstow, Hesperia, Phelan, Pinon Hills, and Adelanto. The company reports that “the declines are in the lower half of the market, while prices are flat or even increasing in the upper half of the market”. The high desert has some of the lowest priced homes in the southland.

The average or typical monthly mortgage payment committed to by Southland buyers was $2,364 last month. This is up from $2,356 the previous month and up from $2,359 a year ago.

After adjusting for inflation, the payments are 8.7 percent higher than the typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 4.6 percent below the current cycle's peak last June.

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By John Waters
Best Syndication News Business Writer

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