Home sales hint at longer slump ahead
Wednesday, May 16th, 2007Southern California home sales plunged to a 12-year low in April, suggesting that the region’s real estate slump is far from over.
Prices were up overall, rising 6.1% from a year earlier to a median of $505,000, according to data released Tuesday. But that increase was largely driven by an uptick in Los Angeles County, masking declines in Riverside, San Diego and Ventura counties.
Moreover, sales fell throughout the six Southland counties as inventories rose — and that could push values lower, analysts said.
investment property