by Calculated Risk on 8/11/2006 04:07:00 PM

From the San Diego Union: County home prices drop for second straight month

San Diego County's home prices dropped for the second straight month in July and the dominant single-family resale market was flat for the first time in a decade, DataQuick Information Systems reported today.

The overall median price stood at $487,000, down 1.8 percent from July 2005. That was a decline greater than the 1 percent drop recorded on a year-over-year basis in June.

Local home prices have not been this low since they stood at $484,000 in April last year.
...
It was in sales activity that today's changing real estate market showed up most starkly.

The overall sales count of 3,370 homes sold in the county in July was down 21.6 percent from June and 29.3 percent from July 2005. It was the slowest July since 1996, near the end of San Diego's last major real estate recession, when there were 3,096 sales. July was also the 25th straight month to see a year-over-year sales decline.

July sales often trail those of June, but this year the month-over-month drop was the biggest since DataQuick began keeping records in 1988.

And from the LA Times: Rise in L.A. Home Prices Slowest in 6 Years

Los Angeles County home prices in July rose at their slowest pace in six years while values in San Diego County continued to fall, more evidence that the Southland's real estate market continues to slump, data released today show.

Sales in Los Angeles County plunged 25%, the eighth consecutive month of declines, according to La Jolla-based research firm DataQuick Information Systems.

The median price of all Los Angeles houses and condominiums that closed escrow in July reached a record $520,000, up 6.6% from a year ago but virtually flat when compared to June's median of $517,000.

And from the OC Register: Home-sales slump approaches '91 depths

When the housing stats for all of July come out next week , the numbers will be ugly. With roughly a week of data still to be tabulated, DataQuick finds O.C. house sales running 35.3% below year-ago levels. Last time a bigger slump hit? In March 1991!

It sounds like July was terrible for the housing market in SoCal.