Real Estate & Area News

Southland Home Sales Dip as Prices Jump

Home sales dipped in the Southland region in January, according to a report released Wednesday by Irvine-based CoreLogic, compred to the same month in 2014. The median sales price across Southern California was up 7.6 percent year-over-year, but has really not moved much at all since May, hovering at around $410,000. Compared to a year earlier, sales in the six-county area fell 6.3 percent, well above the 2 percent slide in home sales across the state. All six Southland counties saw home values increase from January 2014, led by a 12.6 percent jump in Los Angeles. Orange County saw the smallest uptick in prices, at 2.3 percent.

Housing experts almost unilaterally dismissed Wednesday's report as an indicator of where the housing market is, or where it's headed. Sales in the winter are usually low, while a disproportionate number of home sales occur in the Spring. This winter has seen it's fair share of harsh weather, even in California, and history shows us that people don't like to buy homes in less than ideal weather. As a result, most real estate observers believe that we won't really find out how healthy the market is until the weather becomes a little more tolerable.

February 18, 2015