Ventura County April 2010 Home Sales

Dataquick reported home sales for Ventura County for April 2010 today. Home sales came in at 789 up 9.0% YoY. April has averaged 1,159 over the years so as you can see this April is significantly below average. The median sales price came in at $382,000 up 12.40% YoY. This report was exactly in line with the prediction I made at the beginning of the month. Rising median is due to mix shift due to the low end running out of inventory the most plus some seasonal strength in the mid-level houses as those sellers have been cutting price to compete for buyers. I've noticed a lot of price cutting by sellers the last few weeks and the weekly report for contingents and pendings is looking awfully light. There was a big rush right at the end of April for closed sales that registered late, I think Dataquick will pick those up in the May numbers because they go off of recorded deeds. We will see a historically weak but stronger than the year before May and June but July is starting to look pretty weak based on the data I am seeing.