Monday, October 18, 2004
Southern California real estate transactions have cooled but median prices still rising
Home sales continue their slowing trend in Southern California, but median prices of homes continue to rise, up 22.1 percent to a staggering $409,000.
For the last 3 months, Los Angeles county home values have remained flat, coming in at $407,000.
On the other hand, the Inland Empire continues its rise. Riverside County sales increased 3 percent, as median home values rose to $338,000. San Bernadino sales rose 1.3 percent, and the median value rose to $265,000.
Overall, sales are down 8.7 percent in Southern California.
Sales in Los Angeles County dropped 7.8 percent, while San Diego County dropped 9.3 percent, as the market appears to be correcting itself from the run-ups of the last few years.
The biggest drops in real estate transactions; however, belong to Orange and Ventura Counties. Orange County transactions dropped a whopping 27.7 percent, while Ventura county dropped 18.5 percent. Both counties still hit new median price; however, at $533,000 and $540,000 respectively.
Overall, most analysts think the market is relatively stable at current sales and prices.
For the last 3 months, Los Angeles county home values have remained flat, coming in at $407,000.
On the other hand, the Inland Empire continues its rise. Riverside County sales increased 3 percent, as median home values rose to $338,000. San Bernadino sales rose 1.3 percent, and the median value rose to $265,000.
Overall, sales are down 8.7 percent in Southern California.
Sales in Los Angeles County dropped 7.8 percent, while San Diego County dropped 9.3 percent, as the market appears to be correcting itself from the run-ups of the last few years.
The biggest drops in real estate transactions; however, belong to Orange and Ventura Counties. Orange County transactions dropped a whopping 27.7 percent, while Ventura county dropped 18.5 percent. Both counties still hit new median price; however, at $533,000 and $540,000 respectively.
Overall, most analysts think the market is relatively stable at current sales and prices.
