Southern California Home Sales for January 2012

 In California, Residential, Santa Monica

DQ News reported that 14,523 new and resale homes sold last month.  That was way down from December by 24.5% but up .4% from January 2011.  Normally, sales are down from December to January because investors frequently want to close before year end and traditional residential buyers hold off until March or so to get back into the market. 

Distressed properties again accounted for more than half of the Southern California residential activity last month, in line with 52.5 percent of activity in December and 51.2 percent in November.  And 32.6% of sales last month were foreclosures and 21.3% short sales. 

Median price at $260,000 for January was down 3.7% from $270,000 in December 2011 and also down from $270,00 in January 2011.  

The year over year median has fallen for the last 11 months.  January’s median was higher than the median’s low point in the current real estate cycle – $247,000 in April 2009, but far lower than the peak $505,000 median in mid 2007. 

The Southern California residential market is stubbornly not coming back much yet, but should show some signs of life by April or May of this year provided that hiring picks up.

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