Save Money / Consumer News
Spring housing market slump for Southland home sales
VAN NUYS, Calif. (KABC) -- It's the time of the year when home sales usually increase in Southern California, but that's not happening this year.
For San Fernando Valley realtor Karen Tobin, the selling of a home is a bright spot in what has been a slow spring.
"This time of year it's usually really busy," said Tobin. "Open houses every Sunday are packed with people. They're still packed with people, but people aren't jumping so quick to making the purchase, making the commitment to doing the buying right now."
Recent numbers have shown the market has hit a spring slump. According to DataQuick, which tracks homes sales, just over 18,000 homes and condos sold last month. That's down 5.5 percent from March, and a 9 percent drop from a year ago.
And in many areas, the median home price also fell from last year.
- Los Angeles County saw a 3 percent drop to $320,000.
- Ventura County dropped more than 6 percent to $357,500.
- Riverside County fell 5 percent to $190,000.
- San Bernardino County dropped nearly 2 percent to $147,500.
- Orange County remains steady.
Tobin says she's noticed fewer "for sale" signs and more cautious buyers as both sides adjust to the sluggish market.
"The sellers have to sometimes reduce their expectations and the buyers have to just get smart about the kind of prices that they're paying," said Tobin.
However many remain optimistic that the slow recovery will continue in the housing market. Some analysts say it's still bound to be a bumpy ride.
housing market, real estate, save money / consumer news, leanne suter
- DUI driver slams car into LA home; girl dead 1 min ago
- North Hollywood hit-and-run driver sought
- Delivery man fatally shot in South Los Angeles
- Bus crash: Driver remembered as a 'hero'
- Woman fatally struck on 405 Fwy near Torrance 53 min ago
- Orange County carport collapses; no one hurt
- East Hollywood fire: Garage heavily damaged
- Ohio couple married 70 yrs die 15 hours apart
- Pope Francis, crowd joyously celebrate Easter 23 min ago
- Drone in Yemen kills 9 al Qaeda members
- abcnews: Dashcams capture possible meteorite 48 min ago
- Boxer Rubin 'Hurricane' Carter dies at 76
- Mickey Rooney buried at Hollywood Forever
- OTRC: Miley Cyrus postpones whole tour