DataQuick Information Systems said supply and demand in July became more balanced as buyers were able to choose from a greater volume of “for sale” listings.
A total of 32,988 homes sold last month in Los Angeles, Orange, San Diego, Riverside, Ventura and San Bernardino counties, down 5.0 percent from June’s near-record 34,731 sales and off 1.7 percent from a year earlier, DataQuick said in its report.
The median price paid for a home across the region in July was $402,000, down 1 percent from an all-time high of $406,000 in June and up 22.6 percent from $328,000 from a year earlier, DataQuick said.
The year-over-year rate of home price appreciation across Southern California peaked at 26.9 percent in May, the San Diego-based real estate information service said.
July’s figures “show some expected market adjustments, but are no indication of any impending downturn,” said Marshall Prentice, DataQuick’s president.
“Last month was the second strongest July ever for sales, behind last year,” Prentice said. “Appreciation is still strong, just not as strong as earlier in the year.”
A persistent housing shortage, growing population and low interest rates have fueled a boom in California’s housing market in recent years. The market in Southern California has been especially strong because of the region’s solid economy.
