SoCal Home Sales at 12-Year Low; Prices Hold Steady

April's home sales report (click here for complete story) told us little about the direction of the housing market that we didn't already know: the number of homes being sold continues to decline, but the median price of homes sold continues to hold steady.

Why the steady prices? Because homes at the lower end of the market aren't selling, which gives the appearance that overall prices are holding up.

Numbers from DataQuick via LATimes.com: Median price of homes sold in Southern California in April was $505,000, no change from March; Median price of homes sold in LA County was $540,000, no change from March.

Decline in April 07 sales vs. April 06 Sales, by County:
San Bernardino County: Down 46.7%
Riverside County: Down 45.1%
Orange County: Down 24.7%
LA County: Down 22.2%
Ventura County: Down 11.7%