O.C. Home Prices Fall Again, Sales Are Up

Home sales in Orange and Los Angeles counties rose last month while median prices slipped, according to data released today by a real estate tracking firm.

A total of 2,780 new and existing homes and condominiums were sold in Orange County in August, compared to 2,465 in July—a 12 percent jump, according to La Jolla-based DataQuick.

The median home price was $420,000, compared to $437,000 in July.

Compared to a year ago, home sales in Orange County were up 9.5 percent, while prices were down 4.5 percent, DataQuick reported.

In Los Angeles County, 6,595 new and existing homes were sold in August, compared to 6,193 in July—a 6 percent increase. The median home price was $315,000, about 2 percent lower than in July.

Year-over-year, homes sales in Los Angeles County were up 6.7
percent, and prices were down roughly 5 percent.

A total 19,654 new and existing homes and condos were sold throughout Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties—8.6 percent more than in July and 6 percent above the year-ago level, according to DataQuick.

"Scratch beneath the surface, and there's not a lot to cheer about this
month,'' said DataQuick President John Walsh.

"Home sales were up from a year earlier but remained far below average. Many would-be buyers can't find financing, and others who want to make a move now are stuck because they owe more than their homes are worth,'' he said.

"Financial markets are increasingly choppy, the political outlook is
incredibly murky and consumer confidence remains poor. Needless to say, it's not an environment ripe for stabilizing the housing market.''

Figures showed that median homes prices in Southern California have
declined for the last two months and have been down year-over-year for the last six months.

—City News Service