Home Sales Rise- Price Fall
CNS--Home sales in Los Angeles County rose by 24.2 percent in November, compared to the same month a year ago, but prices fell by 3.2 percent, a real estate information service reported today.
A total of 6,257 homes sold in November, up from 5,037 for November 2008, while the median price of a home in Los Angeles County last month was $329,000, down from $340,000 in the same month a year ago, according to La Jolla-based MDA DataQuick.
In Orange County, the median home price was $432,000, up 8.1 percent from the November 2008 median of $400,000, according to DataQuick. A total of 2,528 homes were sold in the county last month, up 16.1 percent from the 2,177 home sales in November 2008.
According to DataQuick, 19,181 homes were sold in the six-county Southern California region in November, down 13.3 percent from 22,132 in October and up 14.7 percent from 16,720 in November 2008. Home prices across the region--including Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties--held steady at $285,000.
"This market is still really lopsided," said John Walsh, MDA DataQuick president. "Foreclosures and short sales are huge factors. There's still not a lot of discretionary buying and selling outside the more affordable markets. Anybody who can sit tight is doing just that. The market won't fully rebalance itself until financing becomes available for the higher price ranges."
The median price of a Southern California home was $285,000 in November, up 1.8 percent from $280,000 in October but the same as the median price in November 2008.