Home Sales Rebound in SoCal
Orange County’s not alone in SoCal in seeing a big homebuying rebound from September 2007. DataQuick reports …
- Sales in the 6-county SoCal region shot up an “unprecedented” 65% in a year. Last month’s sales were the highest for any month since December 2006.
- Yet, last month was the second-lowest September since 1996 and 17% below the 20-year sales average.
- 50% of all existing homes that closed escrow in September had been foreclosed on at some point in the prior year vs. 45.5% in August and 12.6% in September ‘07.
- Orange County (36.8%) had the fewest foreclosure-linked sales; then LA (39.1%); Ventura (44%); San Diego (47.3%); San Bernardino (63.1%) and Riverside at 68.9%. percent in Riverside County.
- Foreclosures helped push SoCal’s median selling price down to $308,500, lowest since May 2003 and 39% below peak $505,000 reached in spring and summer of ‘07.
- “The pitifully low September 2007 sales numbers weren’t tough to beat. More impressive was that this September’s sales volume bucked the seasonal norm and rose above August,” said John Walsh, MDA DataQuick president. But he noted: “Over the next few weeks our sales data will begin to show how the meltdown in financial markets this fall has impacted housing demand.”