Southern California Housing Market Hits Six-Year Sales High

Posted by Orb Staff on December 13, 2012 No Comments
Categories : Residential Mortgage

12912_beach_house Southern California Housing Market Hits Six-Year Sales High Southern California's housing market registered its highest November sales in six years, according to new data released by San Diego-based DataQuick.

DataQuick reports that a total of 19,285 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. This is down 8.5% from 21,075 sales in October, but it is 14.2% higher than the 16,884 sales in November 2011. DataQuick attributes the month-over-month decline as being ‘normal for the season.’

The median price paid for a home in the six-county region was $321,000 last month, up 1.9% from $315,000 in October and up 16.7% from $275,000 in November 2011. The September, October and November medians are the highest since the median was $330,000 in August 2008.

Activity rose sharply in most mid- to-higher-cost markets in November. Home sales between $300,000 and $800,000 – a range that would include many move-up buyers – jumped 34.6% year-over-year. November sales over $500,000 rose 47.5% year-over-year, while sales over $800,000 rose 46.8% compared with November 2011.

Last month, 24.1% of all home sales in Southern California were for properties worth $500,000 or more, up from 23.7% in October, and up from 18.3% a year earlier. Last month's level of $500,000-plus sales was the highest since July 2008, when it was 26.1%.

However, the number of homes that sold below $200,000 fell 18.7% year-over-year, while sales below $300,000 fell 78%. DataQuick attributes the decline of sales in the more affordable markets to slowdown in foreclosure activity, which results in fewer foreclosed properties listed for sale.

Register here to receive our Latest Headlines email newsletter




Leave a Comment