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Fewer homes sold in May in San Diego County than in any May since 1995, according to numbers released this morning by DataQuick Information Systems. The 3,385 homes sold last month constituted the lowest rate since 2,670 homes sold in the county in 1995.
As a whole, Southern California’s sales last month also comprised the slowest May in 12 years.
From a DataQuick press release:
“Sales have been dropping now for the last 20 months. The first part of that was just coming off the frenzy of 2004 and 2005 and didn’t put that much downward pressure on prices. The sales declines of the last half year, though, will have more of an effect on prices. It’s remarkable they haven’t come down more than they have,” said Marshall Prentice, DataQuick president.
The allover median price for homes sold last month was $492,000, a 1.6 percent dip from May 2006 and a slight (0.41 percent) increase from April 2007.
Check back later for more on these numbers, including a breakdown of the stats by property type.