Sept. L.A. home sales down 49.5% from ’06 levels

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DataQuick reports September home sales in L.A. collapsed by nearly half from year-ago levels, dropping 49.5%. L.A. mirrors the trend throughout Southern California -- sales were down 48.5% in the region from year-ago levels.

Median sales prices also fell sharply in L.A. County -- down $25,000 from August to September, from $550,000 to $525,000.

The month-to-month sales decline in SoCal was stunning: sales dropped 29.9% from August to September, DataQuick reported, citing a huge drop in the number of home sales financed by ‘jumbo’ mortgages.

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Photo Credit: Reuters