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High-Priced SoCal Houses Selling Way More Than Cheap Ones

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Home prices in SoCal are still way way up, but dropping, according to the latest data from DataQuick (on September prices). Prices were pretty flat all summer in the six counties covered by the data (LA, OC, Riverside, San Berdoo, San Diego, Ventura), but fell 0.8 percent last month (to $382,000); but that's still up 21.3 percent over last September. (The year-over-year prices have been headed steadily and often steeply upward for a year and a half now, but are still below the 2007 peak of $505,000.) The number of sales was also down over August (which is pretty normal for September) but up 7 percent over last September. "Sales activity in the middle and upper price ranges continues to far outpace sales in the more affordable markets," according to DQ--with big upticks in mid- to high-priced sales making up for drop-offs in low-priced (sub-$300k) sales. So wealthier people get a better housing market too. (Not surprising.) In Los Angeles specifically, the number of sales was up 5 percent over last year; median price was up 25 percent (to $425,000).
· Southland Median Sale Price Dips Month-to-Month, Still Up Sharply From Yr Ago [DQ]