Southern California Housing Sales: Highest Since December '06

Home prices may not be doomed to fall forever, after all. In Orange County in September, home sales jumped by 62.3% year-on-year, compared to just an 18.7% year-on-year sales rise in August. The median sales price fell by 25.4% from a year ago, vs. a 31.5% year-on-year decline in August. That’s most the rate of price decline (the all-important “second derivative”) has fallen vs. the prior month in the past year. In the entire six-county Southern California region, last month’s sales were highest of any month since December 2006. If, as, and when Southern California housing ever turns, this is what the beginning o the turn will look like.

Obligatory glass of cold water: “But MDA DataQuick President John Walsh noted that the figures were recorded ‘before the dramatic worsening of the nation's economic crisis in recent weeks’" the Los Angeles Times reports. . . 

Anyway, here's the data:

Comments

[Tom Lindmark:]

You forgot two other glasses of cold water.

First, the September sales jump is computed against a dismal September 2007 number. That's when sales imploded.

Second, except for September 2007 numbers, the September report for this year is the worst for a September since 1996.

2008 Oct 22 12:16 PM

[bill d:]

And here is a 3rd. I think half of those last month were foreclosure sales, at least in the Inland Empire, and they had been in escrow prior to the financial meltdown.

2008 Oct 22 06:17 PM