In April home sales in Southern California went down 9.2% from the year before. Compare this to 1988 and it is 25.4% below the months average since record keeping began in 1988.
The average price for a home in the southern California region fell 1.8% to roughly $280,000 according to Data Quick.
Some believe the market has turned soft because of the economy and the end of the federal tax incentives. Even with investors buying properties to rent out, flip or hold onto, the sales keep going down. And with a low sales figure will investors eventually be stuck with more un-sold properties?
Buyers are taking their time and might be missing an opportunity to purchase an affordable home with low interest rates. It is currently a great time to buy if you are looking for a family home.
Posted In News
This entry was posted on Friday, May 13th, 2011 at 3:54 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.