Southern California home sales slow in January
February 18, 2011 - A report shows the slow winter moving season even had its affect in warm-weathered Southern California.
According to MDA DataQuick, home sales in n Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties inched to their second-slowest pace in 15 years last month. There were 14,458 homes sold in the region in January, down 26 percent from December and 5.9 percent from a year earlier. Experts said the month-to-month decline was actually about par for the course for this time of year - December-to-January home sales have averaged a 28 percent drop since 1988.
Experts said buyers calling up moving companies and even real estate investors were still sniffing around for deals.
"Last month was sort of a flashback to January last year: Sales were lousy, but many investors and others looking for bargains stayed active," said John Walsh, DataQuick president. "They kept working the distress-heavy, lower-cost markets through the holidays, which translated into a relatively high level of investor and cash deals closing last month. It helps explain the larger-than-usual, month-to-month dip in the median sale price."
A separate recent report from DataQuick showed the increasing local popularity for high-priced homes. According to the report, sales for California homes priced $1 million and more climbed 21 percent in 2010 from a year before.
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