DataQuick: Home Prices Are Softening, High-End is Selling

The number crunchers at real estate tracking firm DataQuick have released their June figures, and let's just cut to the chase: With home sales rising in June, the company is attributing some of the movement to sales in the $500,000 and up bracket because "buyers responded to price cuts on mid- to high-end homes and found it easier to secure financing for pricier abodes." For all of SoCal, the company reports that foreclosures made up nearly half of all sales, while resales of single-family houses priced $500,000 and above rose to 19.6 percent of all existing houses sold in June. Meanwhile, looking specifically at Los Angeles County, the median sales price dropped 22.9 percent from a year ago to $320,000, while sale prices rose 34 percent from a month before. Over at the Los Angeles, Times Peter Y. Hong interprets Dataquick's latest data as showing that there's a "changing mix of homes [that are selling], with higher-priced properties taking a greater market share. More of those homes are selling because high-end prices are now softening." As Hong notes, the "market correction" or as we like to say---PriceChop-- has been slower for higher-end homes, but some "sellers are capitulating because they don't want to continue waiting -- or can no longer afford to do so."

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