Home Sales and Home Prices Dropped in January

Home sales in Los Angeles County dropped 6.1 percent in January, compared to the same month a year ago, while prices dipped by 7.7 percent, a real estate information service reported Tuesday.

A total of 4,908 homes changed hands locally last month, compared to 5,228 in January 2010, according to La Jolla-based MDA DataQuick. The median price of a home in Los Angeles County in January was $330,000, down from $325,000 in January 2010.

"Last month was sort of a flashback to January last year -- sales were lousy, but many investors and others looking for bargains stayed active," DataQuick President John Walsh said. "They kept working the distress-heavy, lower-cost markets through the holidays, which translated into a relatively high level of investor and cash deals closing last month."

In Orange County, 1,929 homes were sold in January, up 3.3 percent from January 2010, when 1,867 were sold. The median home price was $415,000 last month, down 2.4 percent from $425,000 a year ago.

A total of 14,458 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in January, according to DataQuick. That was down 26 percent from 19,528 in December, and down 5.9 percent from 15,361 in January 2010.

Home sales in Riverside County dropped 13.4 percent in January, compared to the same month a year ago, while prices dipped by 2.6 percent.

The median price for a Southern California home was $270,000 last month, down 6.9 percent from $290,000 in December, and up 0.6 percent from $271,500 in January 2010, according to DataQuick.