O.C. Home Sales Fall Again

Home sales in Orange County dropped 6.9 percent in April, compared to the same month a year ago, as Southern California sales fell to their lowest level for an April in three years, a real estate information service reported today.

A total of 2,485 homes changed hands locally last month, compared to 2,669 in April 2010, according to La Jolla-based MDA DataQuick. The median price of a home in Orange County in April was $430,000, the same as April 2010.

In Los Angeles County, 6,025 homes were sold in April, down 9.9 percent from
April 2010, when 6,688 were sold. The median home price was $320,00, down 2.9 percent from $329,500 in April 2010.

A total of 18,344 new and resale houses and condos sold in Orange, Los Angeles, Riverside, San Diego, Ventura and San Bernardino counties in April, according to DataQuick. That was down 5.5 percent from 19,412 in March, and down 9.2 percent from 20,205 in April 2010.

According to DataQuick, April marked the 10th consecutive month in which Southland sales fell year-over-year.

"The market's in a rut at a time it would normally be building momentum,'' DataQuick President John Walsh said. "Two of the more likely forces that could get it going again are more robust job growth and home price reductions. At the moment, the latter appears to be the more likely short-term catalyst.

"Sales have been far below average for quite a while and there's little doubt there's pent-up demand out there,'' he said. "But too many people still aren't in the mood or in a position to buy.''

The median price for a Southern California home was $280,000 last month, down 0.2 percent from $280,000 in March, and down 1.8 percent from $285,000 in April 2010, according to DataQuick.

—City News Service