Tuesday, November 14, 2006

Southland home sales slow to ten-year low: Ventura -2.3% YOY

November 14, 2006
La Jolla,CA----Last month was the slowest October for Southern California home sales in a decade. Prices continued to level off, a real estate information service reported.

A total of 22,117 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 2.4 percent from 22,654 in September, and down 22.4 percent from 28,489 for October a year ago, according to DataQuick Information Systems.

Last month's sales count was the lowest for any October since 1996 when 18,505 homes were sold. October sales have ranged from 14,608 in 1991 to 32,522 in 2003. The October average is 23,077, slightly above last month's sales. DataQuick's sales statistics go back to 1988.

"It's harder to buy a home if you think it might go down in value than it is if you're convinced it's going up. Buyers are taking their time, trying to wait out the uncertainty in a market that is rebalancing itself. Additionally, many potential buyers are in the move-up category, and they have their own home they need to sell," said Marshall Prentice, DataQuick president.

Depreciation Areas:

Ventura -2.3%

San Diego -5.5%



Anonymous said...

I think Ventura is very important to our local market, as based my review of property records, there is/was a significant number of Ventura county residents pulling equity from their area and bringing it here. Their loss (in equity) will surely not be a positive for us.


smoggiebakersfield said...

The deals are getting sweeter as the months go by.

Attn: Sellers, just pray the market will come back...NOT

Rob Dawg said...

The wierd thing is the number of "Venturans" who relocated to BF based upon their VC equity/rental positions. Eventually some will be faced with the BF or VC house but not both. The decision isn't straightforward but either way bodes ill for both.

Merced Going Quickly said...

I wish Dataquick would just report the number, and shut-up with all the comments!

Anonymous said...

Humm, Crisp & Cole funny business announced.

Rob Dawg said...

Anon you tease. Do tell.

Bakersfield Bubble said...

Humm, Crisp & Cole funny business announced.