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Southern California Home Sales Slip In July

Audio

Aired 8/15/11

July was a sluggish month for home sales in Southern California, as sales fell from the previous month and from the same month a year ago.

— Home Sales dipped in July and so did prices. A San Diego-based real estate tracking firm said concerns about the economy and the very public debt ceiling debate may have kept people from buying homes.

Southern California Home Sales Slip In July
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More than 18,000 homes changed hands last month in the six county region. That's down from nearly 19,000 a year ago.

"Granted, a year ago, July 2010 -- that's when the market took a plunge in terms of sales because most of the home buyer tax credits that were out there had expired, or been depleted," said Andrew LaPage of Dataquick.

Sales Volume and Median Price of All homes sold in San Diego County

July 2010 3,070

July 2011 3,041

%Chng -0.90%

July 2010 $338,000

July 2011 $325,000

%Chng -3.80%

Source: Dataquick

Sale of homes worth more than $500,000 declined the most, hinting that buyers looking to move up in the market seem to be staying where they are. Last month's headlines were also dominated by weak economic news.

"At least some of that could be the fear factor. It could be people getting spooked with all the political and economic uncertainty. The news in the economy was getting worse in July," said LaPage.

There is good news in the numbers, according to LaPage The July decline is the smallest year to year dip in 13 months. July also had five weekends, reducing the number of business days when a home sale transaction could happen.

Comments

Avatar for user 'karinabeane'

karinabeane | August 16, 2011 at 12:25 a.m. ― 2 years, 8 months ago

This comment was removed by the site staff for violation of the usage agreement.

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Avatar for user 'SanDiegoAgent'

SanDiegoAgent | August 16, 2011 at 8:48 a.m. ― 2 years, 8 months ago

What's being overlooked here, is the fact that this drop in both sales and home prices is occurring during this seasonally strongest time for real estate sales!

People have to understand that it's not going to be the real estate market that recovers and pulls the rest of the the economy up. Actually, it's going to be the reverse the economy must improve first before the real estate market can put in a true bottom.

I've been calling for a double dip in the real estate market since mid-2010. A review of the most recent Case Shiller data, as well as this current Dataquick report confirm that the San Diego real estate market has double dip and because of the timing of this double dip, it seems certain that housing prices will drift lower at least through the end of the year.

For those who would like a realistic opinion of where the San Diego housing market is going, I would suggest a free subscription to San Diego's most popular no holds barred, real estate blog at:
http://www.brokerforyou.com/brokerforyou/

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