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.