No doubt this was due to the near record low mortgage rates in June/May. Also, this report showed home buying mostly on the lower end of the scale.
Sales of lower-cost homes, driven by investors and first-time buyers fared better than traditional move-up activity in middle price ranges, according to a report Tuesday from DataQuick. The report indicates that aspirational homeownership is also waning in the region.
Read it allA total of 20,532 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in June, up 11.6% from 18,394 in May but down 14% from 23,871 in June 2010, according to the San Diego-based firm.