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Monday, 13 June 2011 14:20

SoCal housing market sputters in May

Written by  Stephen A. King

Southern California’s housing market weakened in May, with sales and prices dropping in all of the region’s counties, providing further evidence of a weak spring shopping season.

Sales fell 17.4% from the same month a year ago, with a total of 18,394 newly built and previously owned homes sold in the region last month, according to San Diego real estate research firm DataQuick. That sales tally was a three-year low for the month. The drop was particularly pronounced because a popular tax credit for buyers that had been fueling sales expired during the same period last year.

The region’s median home price fell 8.2% from the same month a year earlier to $280,000. It was the largest amount the median has fallen in 20 months. Lingering economic uncertainties have left the market soft ever since the expiration of the tax credits.

Last modified on Monday, 13 June 2011 14:25