Home sales decline by 6.9 percent in Los Angeles

Home sales in Los Angeles declined by 6.9 percent in January compared with the same period a year ago, while home prices were up 6.1 percent, a real estate tracking agency reported Wednesday.

A total of 6,805 homes sold in Los Angeles last month, compared to 7,309 in January 2006, according to La Jolla-based DataQuick Information Systems.

The median price of a home in Los Angeles County last month was 520,000 dollars, compared to 490,000 dollars in January 2006.

Home sales in January across Southern California were at their slowest rate in nine years, with a total of 18,128 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties.

That was down 25.1 percent from the 24,209 homes sold in December, and down 17.2 percent from the 21,895 homes sold in January last year.

The median price paid for a Southern California home was 485,000 dollars last month, down 1 percent from 490,000 in December, and up 5 percent from 462,000 for January of last year, according to DataQuick.

Source: Xinhua