April 18, 2011

Homes Sales, Prices In Orange County Drop

Home sales in Los Angeles County dropped 2.3 percent in March, compared to the same month a year ago, while prices dipped 2.7 percent, a real estate information service reported today.

A total of 6,590 homes changed hands locally last month, compared to 6,747 in March 2010, according to La Jolla-based MDA DataQuick. The median price of a home in Los Angeles County in March was $320,000, down from $329,000 in March 2010.

In Orange County, 2,615 homes were sold in March, down 1.4 percent from March 2010, when 2,652 were sold. The median home price was $430,000 last month, down 0.5 percent from $432,000 a year ago.

A total of 19,412 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in March, according to DataQuick. That was up 35.1 percent from 14,369 in February, and down 5.2 percent from 20,476 in March 2010.

"As an indicator of coming trends, the month of March is actually pretty reliable," DataQuick President John Walsh said. "We got off to a slow start with sales this year and it doesn't look like that will change anytime soon. Two of the likely game changers in the short run would be a surge in job creation or another round of price corrections."

The median price for a Southern California home was $280,500 last month, up 2 percent from $275,000 in February, and down 1.6 percent from $285,000 in March 2010, according to DataQuick.



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