O.C. Home Prices, Sales Down Again

Home sales in Orange County fell by 0.6 percent in September, compared to the same month a year ago, while prices dipped by 4.5 percent, a real estate information service announced today.

A total of 2,510 homes changed hands locally last month, compared to 2,524 in September 2010, according to La Jolla-based MDA DataQuick. The median price of a home in Orange County in September was $425,000, down from $445,000 in September 2010.

See the numbers city-by-city here.

In Los Angeles County, home sales increased by 1.9 percent in September, compared to the same month a year ago, while prices dipped by 8.8 percent. A total of 6,185 homes were sold in Los Angeles County last month, compared to 6,070 in September 2010.

A total of 18,149 new and resale houses and condos were sold in Orange, Riverside, San Diego, Ventura, San Bernardino and Los Angeles counties in September, according to DataQuick. That was down 7.7 percent from 19,654 in August, but up 0.3 percent from 18,091 in September 2010.

"Last month's Southland sales weren't great but, like some other economic indicators of late, they came in a bit higher than some might have expected,'' DataQuick President John Walsh said. "Holding steady with a year ago isn't so bad when you consider the hits the housing market has taken in recent months, including a big psychological blow from a tanking stock market in early August.

"Part of what's keeping demand afloat is improved affordability, thanks to ultra-low mortgage rates and lower home prices,'' he said. "We'll have to wait and see what impact the lower conforming loan limits, which took effect recently, will have in some of the higher-priced markets.''

The median price for a Southern California home was $280,000 last month, up 0.4 percent from $279,000 in August but down 5.2 percent from $295,500 in
September 2010, according to DataQuick.

—City News Service