Southern California home sales dip in September

October 16th, 2013 | by Dominique Fong | Comments

Southern California home sales and median price dropped slightly from August to September, according to a DataQuick housing report.

The median sale price across the region’s six counties fell to $382,000, down 0.8 percent from $385,000 in August. The median sale price had held steady for three months at $385,000, but dipped month-to-month in September for the first time since February.

The year-over-year median price rose 21 percent from $315,000 in September 2012, but it’s still far below the region’s peak of $505,000 in the spring and summer of 2007.

In Southern California, 19,112 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in September, down from 23,057 sales in August.

Sales in the mid- and high-end price ranges outpaced sales in the lower, affordable end of the market. Sales ranging from $300,000 through $800,000 rose 25.percent year-over-year. Sales below $200,000 dropped 36.5 percent year-over-year because of the inventory shortage. Many homeowners are still underwater, according to DataQuick.

In September, 6.3 percent of resales in Southern California were foreclosures, down from 16.6 percent last year and the lowest since 5.5 percent in May 2007. Short sales made up 13.1 percent of the region’s market, down 13.3 percent from August.

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