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| Southern California economic growth slows during 2Q11 |
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MetroStudy Report - (Riverside, CA– August 1, 2011) The six county Southern California regional economic growth has stalled, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market. “The Greater Los Angeles Coastal regional Real Estate market continues to struggle primarily due to the lack of job growth, economic strength, and consumer confidence,” said Steve Johnson, director of Metrostudy’s Southern California Region. The unadjusted unemployment rate for Southern California stands at 11.8%, better than the California rate of 12.1% but weaker than the national unemployment rate of 9.3%“The L.A. Coastal market continues to bump along the bottom,” said Johnson. 1,417 homes were closed, down less than 1% from 1Q11, and down 21% from 2Q10. Starts for 2Q11 were at 1,148, down 9% from 1Q11, and down 27% from 2Q10. Single family inventory totaled 8,516 units, down 3% to 18.0 months of supply. In June consumers bought 20,532 new and resale houses and condominiums in the Southern California Counties, which represents a –14.00% decrease from June 2010. The median monthly price has decreased –5% to $285,000. Orange County posted no price decrease but a volume decrease of –13.90% compared to June 2010. In the same period, the Los Angeles County price decreased –5.10% and the volume decreased –13.30%. as reported by Dataquick. “Remarkably the High End continues to weather the storm,” said Johnson. “Apparently this top down recovery has been driven by good stock market values tied to well off bargain hunters with some international influence.” About Metrostudy Contact: |
