Price of Southern California homes falls 41% from peak
The median sales price in the region drops to $300,000 in October, dragged down by the large number of foreclosed homes on the market.
By Peter Y. Hong
LA Times
November 19, 2008
With the median price of Southern California homes down more than 40% from its peak, the housing market has now slid further than most economists expected.
The median sales price for homes in the region fell to $300,000 in October, a level not seen since 2003 and a 41% drop from the peak price set in the spring and summer of 2007, according to San Diego-based MDA DataQuick.
Los Angeles County's median home sales price was $355,000, down 29% from a year ago.
Prices were dragged down by the large number of foreclosed homes on the market. For the first time since the slump began, repossessed properties in October accounted for more than half of residences sold.
Low prices did drive sales up 56% from a year ago. But a market bottom remains elusive, and a rebound in prices is not on the horizon.
(More here.)
By Peter Y. Hong
LA Times
November 19, 2008
With the median price of Southern California homes down more than 40% from its peak, the housing market has now slid further than most economists expected.
The median sales price for homes in the region fell to $300,000 in October, a level not seen since 2003 and a 41% drop from the peak price set in the spring and summer of 2007, according to San Diego-based MDA DataQuick.
Los Angeles County's median home sales price was $355,000, down 29% from a year ago.
Prices were dragged down by the large number of foreclosed homes on the market. For the first time since the slump began, repossessed properties in October accounted for more than half of residences sold.
Low prices did drive sales up 56% from a year ago. But a market bottom remains elusive, and a rebound in prices is not on the horizon.
(More here.)
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