SoCal home sales slow in May

SoCal home sales slow in May

	Published : Wed, 13 Jun 2007 21:22 By : Agencies Print this Story

LOS ANGELES (AP) - Home sales in six Southern California counties slowed in May to a 12-year low for the month, with Riverside and San Bernardino counties posting the biggest annual declines, a research firm said Wednesday.

In all, 19,874 new and resale houses and condominiums were sold in Los Angeles, Riverside, Orange, San Bernardino, San Diego and Ventura counties, according to DataQuick Information Systems.

The sales total represents a 34.4 percent decline from May 2006 and a 3.1 percent jump from April.

Last month's sales fell to the lowest level for May since 1995, when 17,712 homes were sold, the firm said.

Sales for the month declined by 45.4 percent in Riverside County and 46.5 percent in neighboring San Bernardino County, DataQuick said.

Year-over-year sales in the region have fallen for 20 consecutive months, which is leading to lower prices, said John Karevoll, a DataQuick analyst.

'A year from now, the median is probably going to be anywhere from 4 (percent) to 6 percent from where it is,' he said.

The overall median price of homes sold last month in the region increased 4.9 percent to $505,000, compared to $481,500 in May 2006, the firm said. The figure increased, in part, because many sales were in costlier areas.

The figure fell or stayed flat in five of the counties. Los Angeles County posted the sharpest median price increase, jumping 6.8 percent to $550,000.

Riverside County posted the biggest annual decline, with its median price falling 3.3 percent to $406,000. The median price in San Diego County was $492,000, down 1.6 percent from the year-ago period. Ventura County also posted a 1.6 percent decline to $590,000.

San Bernardino County's median price rose 0.5 percent to $361,750, while the figure rose 0.1 percent in Orange County to $635,000, the firm said.

The Inland Empire counties of Riverside and San Bernardino are leading the sales and price declines in the region, Karevoll said.

'The Inland Empire is now due for its drop-off,' he said. 'We are seeing it certainly in sales and we are seeing it more in prices.'

Statewide home sales figures for May were expected to be released Thursday.