Southern California Home Sales Decline: DataQuick

New and resale houses and condominiums sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties dropped more than 14% between October and November, according to DataQuick.

A total of 17,283 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month.

That total represented a decrease on both a month-to-month and year-to-year basis.

Home sales in the Southern California region are down more than 10% from November 2012.

The median price paid for all new and resale houses and condos sold in the six-county region last month was $385,000, up slightly from $383,750 in October and almost 20% percent from $321,000 in November 2012.

The increase in price combined with a thin supply of homes for sale and a decrease in investor activity led to the sales decline, according to DataQuick.

Homes foreclosed on in the prior 12 months accounted for more than 6% of the Southland resale market in November. That was the same as in October and was down from more than 15% from a year earlier.

California overall saw its foreclosures sales fall to a 2007 low earlier this year.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Southern-California-Home-Sales-Decline-DataQuick-1040292-1.html

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