“The ugliest ever” -- SoCal home sales down 45%
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Catching up: If you hang around this blog long enough you get to write the headlines. Cal has hung around long enough, so that’s his headline. He called yesterday’s Southern California home sales report for December from DataQuick, ’the ugliest DQ report ever posted.’ I’m inclined to agree.
Here’s the LATimes coverage: ‘Southern California home sales and prices plummeted again in December, solidifying a view among analysts that the housing slump will not end soon. ‘I don’t expect it to get better in 2008,’ UCLA economist Ryan Ratcliff said, citing prices that have fallen out of step with incomes and tightened lending standards.
More headlines, highlights and lowlights:
In Los Angeles County: The number of sales in December dropped slightly from November and 47.8% from year-ago levels, to 4,430. Median sales price, of $470,000, represents a stunning decline of 5.8% from November levels, a decline of 10.5% from year-ago levels, and 14.5% from the August peak of $550,000. (That is a steep decline: 14.5% in four months. That is, as the man said, ugly).
In all of Southern California (these are the statistics highlighted in the Los Angeles Times coverage): The number of sales in December inched slightly higher from November levels, but was down 45% from year-ago levels. Median sales price, of $425,000, was down $10,000 from the November level, down 13.3% from year-ago levels, and 16% below the regional peak, of $505,000.
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
Dec 07 $470,000 -10.5% 74,663
Thoughts? Comments? Insights? E-mail story tips to peter.viles@latimes.com