Southern California Median House Prices and Sales Decline in July

Southern California Median House Prices and Sales Decline in July

Best Syndication News

(Best Syndication News) - According to a report issued by MDA DataQuick, there was a slight decline in median housing sold in Southern California. The median home prices dipped for in both June and in July. Sales of home declined from the previous year. In June 2010 home sales were down by 20.6 percent compared to the same time in 2009, and there was a 21.4 percent decline in housing sales for the month of July 2010 compared to the year before.

In July 2010 there was a total of 18,946 homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. In July 2009, for the same counties there was 24,104 homes sold both new and resale homes. Slow sales in 2007, were at 17,867 homes being sold and in July of 1995 there was only 16,225 homes sold.

MDA Data Quick believes that the turbulent economy, as well as the expiring homebuyer tax credit were both contributing to the decline in sales numbers.

The median home prices for Southern California homes were slightly down to $295,000 in July 2010. In June 2010 the median price paid was $300,000. In 2009, the median home price paid was $268,000. The lowest median price paid was at $247,000 in April of 2009. These are considerably lower than in the middle of 2007 when the median home price paid was $505,000.

Home foreclosures are still accounting for 34.2 percent of the real estate on the market last month which was up from 32.8 percent in June. There are less foreclosures from last year with 43.4 percent of the home listing coming from foreclosures. MDA DataQuick said that the highest amount of foreclosure real estate listings was in February of 2009 with 56.7 percent being a foreclosed property.

By: N Wilson

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