Dataquick released its February 2009 home sales report for Southern California. For Ventura County sales came in at 545, up 10.1% from the year before and down 5.7% from the previous month. Median price came in at $327,000 which is down $118,000 (-26.5%) from the year before and down $303,000 (-48.0%) from the peak. The mix shift of the lower end foreclosures are driving any strength in sales but sales are extremely weak. Last year at this time rates were 5.92% and rates now are hovering around 5%, prices have come down a lot and yet sales were anemic. This is the seasonal low point for the year so I wouldn't put too much stock into it. Sales will improve as the initial rush of the tax credit buyers clear through the market. After that I would expect sales to slow further, possibly even go negative Year over Year and due to low end slowing sales, median price to rise a bit. This is all driven by the slow down in motivated inventory due to the foreclosure moratoriums and the deteriorating economy.
2 comments:
Well, it was a very cold February. ;-)
We are still piling up non-performing loans faster than sales. That will drive the market this summer.
Make sure you look at the local fishwrap and their idiot take on the data. The first responder as usual does an excellent job destroying the happitalk.
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