Profile picture for ryanbb

Southern California home sales down almost 50% yoy and 30% from previous month

Sellers better sell before it is too late...

SAN FRANCISCO (Reuters) - Sales of houses and condominiums in the most populous Southern California counties fell 29.9 percent from the previous month and 48.5 percent from a year earlier, DataQuick Information Systems said on Tuesday.

The report covers the counties of Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura and showed a total of 12,455 new and existing homes and condos sold in September, the lowest since the company began recording the data in 1988.

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So is the crash coming !?
  • October 17 2007 - US
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Answers (4)

Profile picture for mikefarinha
Thats it!

I'm selling this place, packing my things and heading to the hills!
  • October 17 2007
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Profile picture for Aratinga
Some quick and dirty calculations (see my "Check my math" thread on the buyer side) indicate that if these kinds of sales figures hold for the next twelve months, less than one person in a hundred in Southern California will buy a house in the next year.

That really narrows down the pool of likely buyers, doesn't it?
  • October 17 2007
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Profile picture for dunmoved
I just heard on the news this morning that TOTAL home sales in Sept. for all of San Diego County was a bit over 12,000. I'm new here but that sounds like very close to NOTHING.

It would've been 12,001 if we could've sold our house (out of state)!
  • October 17 2007
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Price of REAL ESTATE never goes down.

Remember, they aren't building new LAND in CA. Buy now or be priced out - signed Lawrence Yun, SVP
  • October 17 2007
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