The Breakdown

Explaining Southern California's economy

January home sales in SoCal down 21 percent from December

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Southern California home sales slid in January, according to San Diego-based firm DataQuick.

There were 14,471 homes sold across Southern California in January, a drop of 21 percent from December, and a decline of 10 percent from January 2013, the firm said, blaming the weakness on fewer homes for sale.

There has been a lower number of homes available for sale because many owners are still under water and there are fewer distressed houses on the market. For example, homes selling under $200,000 declined almost 47 percent, DataQuick analyst Andrew LePage told KPCC. 

"It's not because there's not a lot of demand in the lower-price range, it's because of the supply constraints," LePage said.

On the other hand, sales of high-priced homes rose in January. LePage said homes selling for more than $500,000 increased 26 percent in January, while homes selling for more than $800,000 increased 37 percent compared to a year ago.

The median price of homes sold in January was $380,000, down 3.8 percent from December, but up 18 percent from last year, DataQuick said. The January median was the lowest since May 2013, DataQuick said.

Source for the data below: DataQuick

All homes Jan-13 Jan-14 % change Jan-13 Jan-14 % change
Los Angeles County 5,308 4,913 -7.40% $340,000 $410,000 20.60%
Orange County 2,431 2,205 -9.30% $460,000 $550,000 19.60%
Riverside County 2,858 2,576 -9.90% $226,000 $277,000 22.60%
San Bernardino County 2,137 1,910 -10.60% $177,500 $220,000 23.90%
San Diego County 2,717 2,338 -13.90% $350,000 $405,000 15.70%
Ventura County 607 529 -12.90% $365,000 $445,000 21.90%
Southern California total 16,058 14,471 -9.90% $321,000 $380,000 18.40%

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