Ventura County home sales slumped and prices inched downward in May, signaling continued weakness in the area's housing market, a real estate market analyst said Wednesday.
Sales of all homes dropped by 23% in May compared to the previous year, and prices fell 4.6%, according to data released by TRW REDI Property Data.
New home sales were especially hard hit, dropping by nearly one-third since May of last year, and the county's 8.9% drop in new-home selling prices was the largest in the six-county region covered by the report.
The sales information was compiled from county recorder transaction records, said Nima Nattagh, a market-research analyst with TRW.
But the president of the Ventura County Assn. of Realtors, George Kite, was critical of the report, saying the figures distorted what has remained a "flat market" for several years.