by Calculated Risk on 12/13/2006 01:59:00 PM

DataQuick reports: Southland home sales slowest since 1997

Southern California home sales remained at their slowest pace in nine years last month as the market continued to rebalance itself after several years of heated activity. Prices are still leveling off, a real estate information service reported. ...

The median price paid for a Southland home was $487,000 last month, up 0.6 percent from $484,000 in October and up 1.7 percent from $479,000 for November a year ago. The year-over-year increase was the lowest since February 1997 when the $160,000 median was up 1.3 percent from $158,000 a year earlier.

Southern California Median Home Prices
Area	Nov '04	Nov '05	Nov '06	Pct Change
Los Angeles	$416K	$497K	$510K	2.6%
Orange County	$541K	$616K	$616K	0.0%
San Diego	$487K	$518K	$482K	-6.9%
Riverside	$346K	$405K	$426K	5.2%
San Bernardino	$284K	$350K	$380K	8.6%
Ventura	$507K	$612K	$562K	-8.2%
Southern California	$415K	$479K	$487K	1.7%

I added the November 2004 median prices to give a two year perspective on prices.

A total of 20,388 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 7.8 percent from 22,117 in October, and down 26.2 percent from 27,637 for November a year ago, according to DataQuick Information Systems.

A decline from October to November is normal for the season. Last month's sales count was the lowest for any November since 1997 when 18,305 homes were sold. Since 1988 November sales have ranged from 13,537 in 1991 to last year's 27,637, the average for the month is 21,200.

Southern California Homes Sold
Area	Nov '04	Nov '05	Nov '06	Pct Change
Los Angeles	9,404	9,066	7,351	-18.9%
Orange County	3,560	3,503	2,475	-29.3%
San Diego	4,350	3,937	2,987	-24.1%
Riverside	4,978	5,904	3,794	-35.7%
San Bernardino	4,065	3,992	2,926	-26.7%
Ventura	1,102	1,135	855	-30.8%
Southern California	27,459	27,637	20,388	-26.2%