It is winter here in southern California. Now I don't think anyone in any other part of the country is going to sympathize with what we call winter but never the less that is what it is around here. Home sales take a back seat to Thanksgiving dinner and to Christmas shopping. Let's take a look at what is happening for the entire county for October of 2007. Countywide sales stats are available late which is why it is December and we are reporting on October sales information.
This chart shows only home sales for Los Angeles County and does not include the sales of condos.
- Sales in October 2006 - 5,599
- Sales in October 2007 - 2,638
So what does this mean? Well it means that sales are off about 53% of what they were in 2006. So are prices down 53%? The answer to that is no. Are interest rates up 53%. The answer again, no. Overall the pace of sales has slowed however the median price of homes has actually gone up and interest rates, while they have rise, have gone up modestly. In fact interest rates are still at very low levels when you look at them in a historical context.
We still believe that there is plenty of opportunity out there for buyers to find the right property. While sales are down there are still plenty of willing sellers anxious to work with a buyer who would like to purchase their home.
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