Home sales fell 38.4 percent in the Los Angeles area in September, compared with the same period a year ago, and the median home price fell 2.8 percent to $569,390, according to figures released today, the Los Angeles Daily News reports.
Statewide, home sales fell 38.9 percent in September, while the median price of an existing home fell 4.7 percent to $530,830, the first year-to-year decline in more than 10 years, according to the Los Angeles-based California Association of Realtors.
“The impact of the credit crunch spread throughout all tiers of the market in September,” association Vice President and Chief Economist Leslie Appleton-Young said. “While the entry-level portion of the market has been adversely affected by the subprime situation and tighter underwriting standards for much of this year, the high end of the market also saw a decline in sales, even as well-qualified buyers were affected by the lack of funds available for jumbo loans.”
