SoCal Home Sales Hit Two-Decade Low Last Month
Tuesday, October 16, 2007
The Southern California home sales slump continues to drag down the number of houses changing hands. Real Estate tracking company Dataquick reports home sales in the region's six counties hit a two-decade low last month.
About 12,500 homes sold in September. That's down nearly 50 percent from last year.
Even so, Dataquick's John Karevoll says San Diego County is doing better than some counties because the housing market here is more established.
Karevoll : Where there was a lot of building activity. also where there was a lot of housing stock in the more affordable price ranges there, those are the areas that are absorbing most of the decline right now.
Karevoll says there are neighborhoods in San Diego County that are hurting. He says Chula Vista and other areas that have been booming because of new housing construction are suffering during the current downturn.
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