Dataquick has announced, Southern California had its worst January for home sales in nearly three years, as potential home buyers dealt with tough lending rules, and a lack of families looking to buy in the region. the new Dataquick real estate report said.
Home sales fell 9.9 percent across the six-county region from from San Diego to Norther Los Angeles in January 2013.
The Unon Tribune in San Diego announced that “prices also dipped last month, with the median falling $15,000 from December to $405,000, real estate tracker DataQuick reported Wednesday. Despite the drop, the January median is still up 15.7 percent from January 2012’s median $350,000.”
Dataquick Spokesman Andrew LePage said many homeowners are trying to resurface after being ‘underwater’ following the recession that began in 2008.
In the Inland Empire the number of homes sold was down 10 percent from January of last year.
Sales prices for Riverside and San Bernardino counties – combined – skyrocketed the past 12-months rising nearly $47,000 for the average transaction or about 23 percent.
DataQuick President John Walsh said in a statement, “Two of the bigger questions hanging over the housing market right now are, ‘How much pent-up demand is left out there?’ and, ‘Will inventory skyrocket this year as more owners take advantage of the price run-up?’” Walsh said. “Unfortunately, we’ll probably have to wait until spring for the answers. When it comes to statistical trends, January and February are atypical months that haven’t proven to be predictive over the years.”
Absentee buyers — investors or second-home purchasers — bought 27.5 percent of all homes sold, down from 32.4 percent in January 2013.
Dataquick Announces January Was The Worst Month for Home Sales in Nearly 3-years.