News from DQNews.com on the SLOWWWWWWWWWW market. Keep one thing in mind, this is before the recent adjustment in rates, up about 50 bps in the last few weeks, look for June to be much worse.
La Jolla,CA----Last month was the slowest May for Southern California home sales in 12 years, mainly because of sharp declines in lower-cost markets. The Southland's median sales price was unchanged, a real estate information service reported.
"Sales have been dropping now for the last 20 months. The first part of that was just coming off the frenzy of 2004 and 2005 and didn't put that much downward pressure on prices. The sales declines of the last half year, though, will have more of an effect on prices. It's remarkable they haven't come down more than they have," said Marshall Prentice, DataQuick president.