The San Diego Condo Loft

According to MDA DataQuick and pointed out by Emily Friedlander at the WSJ Developments Blog, home sales are up 66.7% in Southern California:

Drop prices low enough and the buyers will come. Home sales in Southern California rose again last month, according to a report released today by San Diego-based MDA DataQuick. The real estate information service reported that in October 21,532 houses and condos closed escrow in six counties in California Los Angeles, Orange, Riverside, San Bernadino, San Diego and Ventura. This was up 5% from September and 66.7% from last year. More than half of all sales were on homes that were foreclosed on at some point in the previous 12 months. Typically real estate sales slow down from September to October. At $300,000 the median home price in the six-county region was at its lowest since April 2003. Readers, do you think rising unemployment and declining consumer confidence will impact SoCal home sales next month, or will we continue to see buyers jumping into the market?

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