• Home Sales Dropping in Large Numbers

    LOS ANGELES (CNS) – Home sales in Los Angeles County dropped 14.9
    percent in December, compared to the same month a year ago, while prices dipped
    by 2.7 percent, a real estate information service reported today.

    A total of 6,536 homes changed hands locally last month, compared to
    7,679 in December 2009, according to La Jolla-based MDA DataQuick. The median
    price of a home in Los Angeles County in December was $330,000, down from
    $339,000 in December 2009.
    In Orange County, 2,739 homes were sold in December, down 5.1 percent
    from December 2009, when 2,885 were sold. The median home price was $410,000
    last month, down 5.7 percent from $435,000 a year ago.
    A total of 19,528 new and resale houses and condos sold in Los Angeles,
    Riverside, San Diego, Ventura, San Bernardino and Orange counties in December,
    according to DataQuick. That was up 20.5 percent from 16,208 in November, but
    down 12.5 percent from 22,328 in December 2009.
    ‘Ultra-low mortgage rates, coupled with lower prices, gave the market a
    boost this fall, helping to explain the above-average gain in closings
    between November and December,’ according to John Walsh, MDA DataQuick
    president. ‘We still see the potential for sales to perk up this spring if
    rates stay low and brighter economic news lifts consumer confidence. Of course,
    a loosening of credit terms would help an awful lot, too, especially in move-up
    The median price for a Southern California home was $290,000 last month,
    up 1 percent from $287,000 in November, and up 0.3 percent from $289,000 in
    December 2009, according to DataQuick.

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