SoCal Homes Sales Plummet To Levels Not Seen Since Housing Crisis | Studio City, CA Patch: Home sales plummeted across Southern California last month, bringing totals down to levels last seen at the start of the housing crisis in 2007.
Los Angeles County home sales dropped by 20 percent in December, according to CoreLogic, the real estate information firm. At the same time, home prices barely budged, climbing by just 2 percent, a considerable slowdown from the average pace during the recovery. Sales fell all across Southern California with the steepest decline hitting Orange County where sales dropped by 26 percent.
Experts chalk the slowdown to a variety of factors namely, affordability after years of rising prices outpacing wage increases.