Smallest SoCal home-price loss in 2 years

November 17th, 2009, 12:03 pm · 8 Comments · posted by Jeff Collins

MDA DataQuick reported today that Southern California home prices continued to increase in October over the month before, rising $5,000 to $280,000.

County	Median price	Vs. 2008	Sales	Vs. 2008
Los Angeles	$325,000	-8.5%	7,409	8.6%
Orange	$436,500	3.9%	2,800	-1.2%
Riverside	$190,000	-17.4%	4,197	-9.1%
San Bernardino	$150,000	-25.0%	3,176	11.2%
San Diego	$325,000	0.5%	3,671	2.0%
Ventura	$365,000	-2.7%	879	9.6%
SoCal	$280,000	-6.7%	22,132	2.8%

The gains were driven mainly by monthly price jumps in just two of the six counties in the region: Orange and Riverside.

On an annual basis, the median SoCal price was down 6.7%, but DataQuick reported that that was the smallest drop in two years.

Sales picked up, too, with monthly gains reported in four of the six counties. The counties with monthly price gains – Orange and Riverside – also had monthly sales drops.

DataQuick credited government intervention for playing “a huge role in stabilizing and, to some extent, reinvigorating the housing market.”

Increased FHA lending, tax credits and political pressure on lenders to reduce foreclosures helped ease the housing slump, DataQuick said. Whether those gains will continue after federal support is reduced in a year is still open to debate, the housing research firm reported.

Other real estate trends:

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joe says:

November 17, 2009 at 12 pm

The numbers are not great but I guess its a start. I wonder what is going to happen once the tax credit is gone and the banks have to let inventory hit the market.

Jc says:

November 17, 2009 at 1 pm

Those average numbers are exagerated. at least over 100,000

pdu says:

November 17, 2009 at 2 pm

Interested in why you’d say that.
I wonder about the accuracy of some of these numbers.
Are incentives a big part?
I do know of one situation where the title company said it was a 399K short sale and the broker told the appraiser it was 425K.
Are games being played for the sake of the numbers?
Anybody out there have any feedback on this?
- Jc says:
  
  November 17, 2009 at 2 pm
  
  They (Realtors) are manipulating the numbers. Is a game to get the higher bidder…like when they tell you “Accepting-offers”
  
  and if you look at redfin sales-history. Youl will find out (in many cases) they erased the previous sales before the Booming years.
  
  They trying to keep buyers as much as they can…in the dark.
  
  Does this sound new to you..? I don’t think so.

K says:

November 17, 2009 at 8 pm

Where have all the bears gone???

droom says:

November 17, 2009 at 10 pm

We’re busy reading these interesting findings from the R.J. Reynolds tobacco research division… let’s see here. Apparently there are health benefits to smoke’s after all! Well, how about that? Don’t mind if I do!

Snap…. fffffffffp. Aaaaaaahhhhh. Sweet, sweet truth.

average joe says:

November 18, 2009 at 5 am

Lets see

rants says:

my condo in orange sucks!
it’s run down and in a crap neighborhood-
but on the bright side, i paid a boatload of money for it

Slice	Price	Ch.	Sold	Ch.
House	$500,000	+18%	1,833	+11%
Condo	$290,000	+7%	881	+22%
New	$617,500	+24%	171	-17%
All OC	$435,000	+10%	2,885	+12%

Orange County Register