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Monday, August 15, 2011

Home Sales down 11.9% in July form previous month

A total of 18,090 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July. That was down 11.9 percent from 20,532 in June and down 4.5 percent from 18,946 in July 2010, according to San Diego-based DataQuick
Also, there have been rumors that the mortgage interest tax deduction will be eliminated for mortgages over $500,000.  Let's take a look at that market.
Last month 20.2 percent of all sales were for $500,000 or more, down a tad from 21.6 percent in June and down from 22.4 percent a year earlier. The low point for $500,000-plus sales in this cycle was in January 2009, when only 13.8 percent of sales were above that threshold. Over the past 10 years, a monthly average of 27.5 percent of homes sold for $500,000-plus.
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