Calculated Risk | June 13 2011 2:43 EDT
Southern California home sales held at a three-year low last month amid a sluggish move-up market and record-low sales of newly built homes. ...May was another month of sluggish home sales in SoCal, especially for new home sales. National existing home sales will be reported next week on Tuesday, June 21st, and new home sales will reported on June 23rd - and I expect weak reports.
A total of 18,394 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in May. That was up insignificantly – 0.3 percent – from 18,344 in April, and down 17.4 percent from 22,270 in May 2010, according to San Diego-based DataQuick. ... On average, sales between April and May have increased 5.7 percent since 1988, when DataQuick's statistics begin.
The 1,152 newly built homes that sold across the Southland last month marked the lowest new-home total for the month of May since at least 1988.
Distressed property sales continued to account for more than half of the Southland resale market last month, with little change from April. Roughly one out of three homes resold was a foreclosure, while about one in five was a “short sale,” where the sale price fell short of what was owed on the property.