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Bargain-hunters keep home sales afloat

October 18th, 2011 1:06 PM by Lehel S.

LOS ANGELES - Bargain-hunters kept Southern California home sales afloat last month despite a seasonal dip.

San Diego DataQuick says 18,149 homes were sold in Los Angeles and five other counties in September, a drop of 7.7 percent from August but up .3 percent from the same time last year.

DataQuick says it's normal for home sales to drop between August and September as buyers try to close deals before school starts. This time, the sales were a bit higher than expected.

DataQuick President John Walsh says lower home prices and ultra-low mortgage rates are helping prop up the market. Nearly one out of three existing homes resold last month was a foreclosure.

The median home price of $280,000 was up fractionally from August but down more than 5 percent from September 2010.

Read more:Bargain-hunters keep home sales afloat - Whittier Daily Newshttp://www.whittierdailynews.com/news/ci_19113595#ixzz1bAL4v5BC
Posted in:General
Posted by Lehel S. on October 18th, 2011 1:06 PM



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