July home sales down 23% in LA

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A quick post, we’ll have more on this soon: LA home sales in July fell 23% from last year’s levels, and are hovering at levels not seen since the region was suffering through the recession of the 1990s, DataQuick reported this morning.

While median prices of houses that sold rose, DataQuick reports the overall pricing trend is negative: ‘When adjusted for shifts in market mix (i.e. fewer lower-cost homes selling now), year-over-year price changes went negative in January and are now roughly three percent below year-ago levels. The declines are in the lower half of the market, while prices are flat or even increasing in the upper half of the market,’ DataQuick said in a release.

Photo Credit: Reuters