by Calculated Risk on 7/17/2007 06:02:00 PM

DataQuick reports: Southland home sales slowest since 1993

Southern California's real estate market slowed to its lowest sales pace in 14 years last month, led by steep sales drop-offs in the Inland Empire and other affordable markets, a real estate information service reported.

A total of 20,166 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 1.5 percent from 19,874 for the month before, and down 36.2 percent from 31,602 for June last year, according to DataQuick Information Systems.

Last month's sales were the slowest for any June since 1993, when 19,947 homes sold, the lowest for any June in DataQuick's statistics, which go back to 1988. The strongest June was in 2005, when 40,156 homes sold. The June sales average is 29,041.

Sales in June 2007 were almost exactly 50% of June 2005. In '93 (a similar June for SoCal), existing home sales were 3.74 million nationwide. Activity in California has probably fallen much more than other areas of the country, but this suggests that nationwide existing home sales have declined significantly, and might have fallen below the 5 million level (SAAR).