Tuesday, January 16, 2007

L.A. Times: Sales down, prices up for 2006 housing market

Annette Haddad is busy today. In this January 16 story, she notes that the six county Southern California region also ended the year very bubble-defiant. The median price for a home in this area hit a new high in December 2006 at $495,000, up 3.3% YOY and up 1.6% from November.

In spite of the new price highs, though, sales suffered a 22.3% drop YOY, down to 22,485 new and resale homes. This volume was up 10.3% from November, apparently as December is considered to be a key month of real estate activity, as buyers and sellers scramble to wrap things up for the tax year.

All Homes      No Sold  No Sold  %Chg   Median Median  %Chg
               Dec-05   Dec-06   YOY    Dec-05 Dec-06   YOY           
Los Angeles     8,845   7,703  -12.9%  $490K  $522K  6.5%
Orange County   3,826   2,719  -28.9%  $621K  $642K  3.4%
San Diego       4,262   3,613  -15.2%  $516K  $483K  -6.4%
Riverside       6,305   4,318  -31.5%  $411K  $432K  5.1%
San Bernardino  4,580   3,154  -31.1%  $361K  $372K  3.0%
Ventura         1,134     978   -13.8%  $630K  $593K  -5.9%
-------------------------------------------------------------
So. California 28,952  22,485   -22.3%  $479K  $495K  3.3%

I don't agree with the analysts who say that "most of the increase" we have seen in the last four years "is here to stay." Though some are leaving open the question "how much" will prices fall?

1 Comments:

Blogger Mike said...

"We need to remember that prices have gone up 100% in Southern California in the last four years," Prentice said. "Most of that increase is here to stay."

yeah, i thought the same thing. is this wishful thinking? could you back that up w/ some data or at least let us know your line of reasoning? does ms. haddad not know how to ask a follow-up question?

4:01 PM, January 17, 2007  

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