Thursday, December 14, 2006
Southern California home sales continued to remain sluggish last month. A real estate tracking company says houses are changing hands at the slowest rate in nine years.
Dataquick’s John Karevoll says about 3,000 homes were sold last month. That’s 1,000 fewer than November of 2005. Karevoll says the decline is to be expected as the region’s housing market finds a new plateau.
Karevoll: The San Diego Market kind-of overshot itself there, at some point, as any market does during a frenzied period of a real estate cycle. And the question is just how far down it’ll come.
Karevoll says the average price for a house in the county is holding at about $482,000. He says an unexpected decline in interest rates is propping up home prices.