Sinking home values continued to drive home sales in September as bargain hunters snared properties at 2003 prices.How much have values dropped? Our home appraised for $600,000 in December of 2006. A model just like ours sold the other day for $425,000. Ouch.
The median Southern California home sales price was $308,500 in September, the lowest since May 2003 and down 33% from the September 2007 price of $462,000, according to real estate research firm MDA DataQuick.
The number of homes sold in Los Angeles, Orange, San Bernardino, Riverside, Ventura and San Diego counties shot up 65% compared with September 2007. Fifty percent of homes sold last month had been foreclosed.
Tuesday, October 21, 2008
Southern California Home Sales Up 65% From One Year Ago
Thanks to plummeting home values and foreclosures Southern California home sales shot up in September:
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