SoCa Home Sales Rise 65% in September
This report is overall very good news. September closings probably represent contracts written in late July through August.
It doesn't pick-up the last 3 weeks of wealth destruction and/or TARP. I imagine the December numbers won't be nearly as positive. I also expect to see another significant price drop reflecting October's consumer sentiment numbers which were dismal.
In any event, September chewed up some inventory & that can only be a good thing.
"LOS ANGELES Â Southern California home sales jumped 65 percent in September from a year ago, as plummeting prices fueled by foreclosures lured more buyers, a real estate tracking firm said Monday.
Last month's median home price in the six-county region fell 33.2 percent to $308,500, compared to $462,000 in September 2007, according to San Diego-based MDA DataQuick.
The September median price was 38.9 percent below the peak $505,000 median posted in spring and summer of last year."
I'll take this opportunity to note that I was mocked quite severely around here for suggesting 18-24 months ago that prices would drop overall 25-40% & condos maybe 50%. I can't help but think of all the selling posters we had who reported feeling "insulted" when they received offers of 85-90% of their asking prices. I also remember patty_cakes who hung in, negotiated hard, & sold much less than she wanted; but still $15K-$20K more than I expected.
It's been very quiet around here for the past 90-120 days. I could explain that from the lowered sales in general but it seems to be across GardenWeb in general. Other forums I visit regularily have also dropped off to practically nothing...much more than a normal seasonal summer slow-down. Are people cancelling Internet service to make ends meet? Anybody else noticed the overall slow down around here?
Here is a link that might be useful: September SoCa Home Sales