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Thursday, March 17, 2011

Southern California housing market is flat in February

With mortgage rates slightly dropping again and sales down, it's still a weak housing market.  Again you have these three pressures on housing; jobs, loan qualifications, and significant supplies of foreclosed homes.  Plus you had the added weight of increased food and fuel prices.  
Southern California's housing market couldn't shake off the doldrums in February despite record demand from investors and all-cash buyers.
The median home price increased 1.9% in February from January to $275,000. That was unchanged from the same month a year earlier, according to DataQuick Information Systems of San Diego.
Sales remained weak, declining 0.6% from January and down 6.4% from February 2010.
With the spring selling season approaching, many real estate professionals found little reason for optimism.
"I don't see any basis for prices to climb at this point," said Glenn Kelman, chief executive for the online brokerage site Redfin. "I am not one of those people who think they are going to fall much further. What I am mostly worried about is just the stalemate. The buyers we are talking to are just frustrated. They feel that there is nothing good to buy."
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