Southern California home sales plunge in July

la-fi-g-0814-home-sales-20140813

 

By ANDREW KHOURI

Southern California home sales plunged in July and show little signs of rebounding. And that, economists say, could stunt the region’s economic growth.

Buyers scooped up 20,369 new and resale houses and condos in the six-county region last month, down 12.4% from a year earlier, research firm CoreLogic DataQuick said Wednesday. The sharp drop follows steady declines since October, as would-be buyers struggled to afford houses after prices surged last year.

“The housing multiplier effect is very significant, because there are so many things that happen with a home purchase,” said Leslie Appleton-Young, chief economist for the California Assn. of Realtors. “That is dampened when you have lower home sales.”

Click here to read more

Be Sociable, Share!

No comments yet.

Leave a Reply

What is 3 + 15 ?
Please leave these two fields as-is:
IMPORTANT! To be able to proceed, you need to solve the following simple math (so we know that you are a human) :-)