Southern California Home Sales Rise In October
LOS ANGELES (CBS) — Home sales in Los Angeles County jumped by 6.6 percent in October, while prices dipped by 7.7 percent.
Market researcher DataQuick said Tuesday that October home sales topped 16,800 in a six-county region, up less than 1 percent from the same period last year. The median price was $270,000, down nearly 5 percent from last year.
"For a few months now, lower prices and amazingly low mortgage rates have kept resale activity slightly ahead of last year," DataQuick President John Walsh said. "Of course, that's not saying a lot when you consider sales were 25 to 30 percent below average. The market continues to struggle with a difficult lending environment, uncertainty among potential buyers, underwater homeowners who can't move up and a weak job market."
The median price is Southern California's lowest since January.
San Diego-based DataQuick says sales were particularly weak for new homes and high-end homes.
