Bloomberg News

Southern California Home Prices Drop 5.2% on Foreclosure Sales

October 13, 2011

Oct. 13 (Bloomberg) -- Home prices in Southern California fell 5.2 percent last month from a year earlier as foreclosure sales accounted for a third of transactions, DataQuick said.

The median paid for houses and condominiums was $280,000 in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, down from $295,500 in September 2010 and up 0.4 percent from $279,000 in August of this year, the San Diego- based data seller said today in a report. Prices have fallen for seven consecutive months on a year-over-year basis.

A total of 18,149 homes sold last month, up 0.3 percent from a year earlier and down 7.7 percent from August, DataQuick said. Almost one in three transactions involved a foreclosure, while one in five was a short sale, where the contract price is less than the amount owed. Deals for properties priced less than $300,000 rose 5.6 percent from a year earlier.

“Sales weren’t great but, like some other economic indicators of late, they came in a bit higher than some might have expected,” DataQuick President John Walsh said in a statement. “Holding steady with a year ago isn’t so bad when you consider the hits the housing market has taken in recent months, including a big psychological blow from a tanking stock market in early August.”

Prices fell from a year earlier in all six Southern California counties DataQuick tracks, led by an 8.8 percent decline to a median $310,000 in Los Angeles. Orange County fell 4.5 percent to $425,000 and Riverside dropped 4.5 percent to $191,000, the company said.

--Editors: Daniel Taub, Josh Friedman

To contact the reporter on this story: Dan Levy in San Francisco at dlevy13@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net


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