October 18, 2007
September Sales: It’s Rough Out There
September home sales in Southern California plunged to a 20-year low, according to this story in the L.A. Times. Sales in the six-county region were down 48 percent from a year ago, hitting the lowest volume since real estate service DataQuick began keeping such records.
“We’re on our way down and still picking up speed,” said Christopher Thornberg, a Los Angeles-based economist who four years ago warned that the pace of housing price gains in the region couldn’t be sustained….His prediction: Southern California sales and prices will decline into 2009.
L.A. County was the only Southland county where the median price rose. It went up 1.2%, to $525,000.
