County home prices fall 8.6%

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREPettersson scores another winner, Canucks beat Kings“Financing issues have dogged entry-level buyers since early 2007, but they spilled over into the middle and upper-tier markets in the last few months,” said association president president William E. Brown. He noted that the sales decline at the higher end of the market last month contributed to the “significant” decline in the statewide median price. And even well-qualified borrowers had difficulty securing financing. Leslie Appleton-Young, the association’s vice president and chief economist, said further weakness in sales is expected over the next several months. As the sales and price slide intensified, inventory quadrupled to a 16.3 month supply last month, up from 6.4 months for the same period a year ago. This is how long it would take to deplete the supply at the current sales pace. Home sales and prices tumbled across most of California in October as the credit crisis continued to roil residential real estate markets, a trade association said Wednesday. Last month sales plunged 40 percent statewide from October 2006 and the median house price declined 9.9 percent to $497,110, said the Los Angeles-based California Association of Realtors. The association computes sales on an annualized basis, which means that if the market matched October’s pace all year, 265,030 houses would change owners. Los Angeles County, the state’s biggest market, endured a similar drubbing. Sales here fell 42 percent from a year ago and the median price sank 8.6 percent to $533,070. Even though more homes hit the market, the median number of days it took to sell a single-family home was 59.3 days in October, up slightly from from 56.5 days a year ago. Last month 30-year fixed-mortgage interest rates averaged 6.38 percent, not much different from 6.36 percent in October 2006, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.68 percent last month compared with 5.56 percent in October 2006. In a separate report generated by the association and DataQuick Information Systems, 13.9 percent, or 41 out of 296 cities and communities, showed an increase in their respective median home prices from a year ago. [email protected] 818-713-3743160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more