I just read in the LA Times the numbers for June. They are all over the place. Over all, the median home price for Southern California has gone up almost 2.5%, amazing since the inland empire has gone down in both price and sales. Sales have fallen everywhere, sorting out the people that want to sell, the people that want to sell with unreasonable expectations, and the people who have to sell.
I'm looking at the numbers, so I'll just write them in. Antelope Valley: Sales decrease 62% and median prices down 13%. Ventura County: Sales decrease 27.8% and median prices down 7%. Los Angeles County: Sales decrease 32.5% and median price increase 4.8%. Orange County: Sales decrease 31.6% and median prices increase 0.4%. San Bernadino County: Sales decrease 47.2% and median prices unchanged as a whole, with ups and downs scattered. Riverside County: Sales decrease 50.1% and median prices decrease 5.9%. Lastly, San Diego County: Sales decrease 22.6% and median prices decrease 1.9% (falling to where it was August 2006). When looking at these numbers, keep in mind that these include all sales, existing homes, condos, and new homes. New homes really pull it down with the vast amount of inventory and poor builder confidence, but that makes it a great steal if one decides to live there for a few years. They will give many upgrades and buyer incentives to get those sold, because less money than expected is still a return coming in instead of an investment going out.
Ah the buyers market. As inventory decreases and educated confidence in the market becomes stronger, the full buyers market will appear and the cycle will begin again like it has every 10-12 years.
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