Southern California housing looks like a deer in the headlights, characterized as a market “that is recovering in fits and starts” amid continued economic uncertainty.
The median price – or price at the midpoint of all sales – has been frozen at or just under $295,500 for three months. And although home sales in the region have declined for the past three months in a row, the decrease has been small. Transactions remain stuck in the 18,000-to-19,000 range.
“Today’s market can be characterized as much by activity that’s not happening, as by the activity that is happening. We’re seeing distress-selling, bargain-hunting and entry-level buying, while the rest of the market is still largely on hold,” said John Walsh, MDA DataQuick president.
Orange County had the smallest year-over-year sales decline in the region, with transactions down 10.7%. Regionwide, they’re down 16% from September of 2009, and by as much as 23.7% in Riverside County.
Median home prices have risen from year-ago levels in every county but Ventura, where they’re down 0.5%. Regionwide, the median home price increased 7.5% from September 2009.
“It’s very quiet,” observed broker Sharon Russell of Seal Beach Realty. “There are people buying, but there are very vew, and they’re very discriminating. They’re not beating the door down.”
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