SoCal home sales at 14-year low

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The number of homes sold in Southern California fell to a 14-year low in June, and is now running at less than half the level of sales of two years ago. The L.A. Times has all the numbers here, including this analysis from DataQuick President Marshall Prentice: ‘We’re probably pretty close to the ‘floor’ level of buying and selling, meaning that most of the activity is basic and not discretionary.’

So our jumping off point for discussion is this: do you agree that this the ‘floor’ in terms of the number of homes sold? And will median prices ever decline meaningfully, or will the median continue to be held higher by the collapse of the lower-priced market? Your thoughts and comments are eagerly anticipated.