California (Southland) Home Sales Report
Southland Home Sales Fall, Prices Flat to Down
May 12, 2011
La Jolla, CA—The prospect of a near-term resurgence in Southern California’s housing market continued to wither last month as home sales fell to the lowest level for an April in three years. Prices trended sideways or down slightly, depending on location, as credit remained tight and distress sales and investor activity continued to dominate the market, a real estate information service reported.
…..
“The market’s in a rut at a time it would normally be building momentum. Two of the more likely forces that could get it going again are more robust job growth and home price reductions. At the moment, the latter appears to be the more likely short-term catalyst,” said John Walsh, DataQuick president.
“Sales have been far below average for quite a while and there’s little doubt there’s pent-up demand out there. But too many people still aren’t in the mood or in a position to buy. They might be concerned about prices falling more, or can’t qualify for a loan. They might owe more on their homes than they’re worth and can’t move up. Others were foreclosed on in recent years and can’t re-enter the market yet.”
Although the market is still characterized by historically high levels of distressed property sales, investor purchases and tight credit, some indicators have been inching their way back toward normalcy.
…..
