Nov. LA home sales down 46%
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The DataQuick numbers for November sales are out: sales in L.A. Country dropped 46% from year-ago levels, and median sales prices continued to slip. I’ll run through a bunch of numbers, but I warn you it is a bit confusing because there are so many ways to slice and dice these numbers:
In L.A. County: November sales totaled 4,468, an increase of 2% over October sales levels, but a decline of 46% from year-ago levels. Median sales price was $499,000, a decline of $1,000 from October levels and 3.5% from year-ago levels. The trailing 12-month sales total in L.A. fell to 78,712.
In all of Southern California (These are the numbers highlighted in the LATimes.com’s coverage): The trend is very similar -- a total of 13,173 new and existing homes sold, an increase of 2% over October sales levels, but a decline of 43% from year-ago levels. Median sales price for the region was $435,000, a decline of $9,000 from October levels, and 10.5% from year-ago levels.
Could the slight increase in sales from October to November be a sign of a housing bottom? Could be. It could also be a hint of the dead-cat bounce many have predicted in bubble markets this winter as the absolute freeze in mortgage activity during the late summer and early fall gives way to sluggish, but still declining, activity. ‘DataQuick President Marshall Prentice said the unusual increase could show the market has hit bottom, but he cautioned that the trend would have to continue to confirm that. He noted that in November 1994, sales rose from the previous month, but the market had not hit bottom.’
Month L.A. Median Sales Price y/y change 12-month L.A. sales total
Jan. 07 $520,000 6.0% 108,755
Feb 07 $528,000 8.0% 107,966
Mar 07 $540,000 6.0% 105,514
Apr 07 $540,000 6.0% 103,45
May 07 $550,000 7.0% 100,160
Jun 07 $545,000 5.0% 96,513
Jul 07 $547,500 5.0% 94,478
Aug 07 $550,000 6.0% 90,985
Sept 07 $525,000 1.2% 86,610
Oct 07 $500,000 -3.8% 82,527
Nov 07 $499,000 -3.5% 78,712
Thoughts? Comments? Insights? E-mail story tips to peter.viles@latimes.com