Southern California real estate: Up or Down?
According to LA Times writer Annette Haddad, "When it comes to Southern California real estate, there's the big picture and then there's the neighborhood-by-neighborhood view."
Overall, numbers indicate that Southern California real estate is still booming, though slower than in previous months. However, a closer looks shows that many "neighborhood" markets are already falling. Annette states, "For instance, Orange County's median has edged 2% lower since May; Los Angeles County's, 1.2% since June; Ventura County's, 4% since September."
More important, total homes sold is down more than 13 percent, a critical statistic for analyzing home values. The majority of these 'lost' homes are in high price neighborhoods.
Homes in the median price ranges are still selling pretty well, and in some areas, home values are still rising.
Los Angeles County October sales, "which accounts for 35% of sales in the region", showed a median price of $409,000, up 23.2% from a year earlier, on a 17.8% decline in homes sold, based on last week's data.
Last month's sales decline was less severe than it appeared, given that there two fewer business days for which transactions could be recorded compared with last year, DataQuick analyst John Karevoll said. "The market is not softening by much, which many expected," he said.
Click here for the full article.
Click here to speak with a Los Angeles Area Real Estate Agent.
Overall, numbers indicate that Southern California real estate is still booming, though slower than in previous months. However, a closer looks shows that many "neighborhood" markets are already falling. Annette states, "For instance, Orange County's median has edged 2% lower since May; Los Angeles County's, 1.2% since June; Ventura County's, 4% since September."
More important, total homes sold is down more than 13 percent, a critical statistic for analyzing home values. The majority of these 'lost' homes are in high price neighborhoods.
Homes in the median price ranges are still selling pretty well, and in some areas, home values are still rising.
Los Angeles County October sales, "which accounts for 35% of sales in the region", showed a median price of $409,000, up 23.2% from a year earlier, on a 17.8% decline in homes sold, based on last week's data.
Last month's sales decline was less severe than it appeared, given that there two fewer business days for which transactions could be recorded compared with last year, DataQuick analyst John Karevoll said. "The market is not softening by much, which many expected," he said.
Click here for the full article.
Click here to speak with a Los Angeles Area Real Estate Agent.
0 Comments:
Post a Comment
<< Home