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November home sales, prices nose-dive in region

first_imgHome sales and prices both took record tumbles in November as the residential real estate market continued its swoon, an industry tracker said Tuesday. Sales across Southern California plunged 42 percent in November, to 13,173, said La Jolla-based DataQuick Information Systems. Regionwide, the median price fell 10.3 percent, to $435,000. The sales total is a record low for a November and the annual price decline the largest in DataQuick’s database, which goes back to 1988, the company said. Depreciation, the sales slide and reduction in purchases financed with jumbo mortgages combined to drop the median price to its lowest level since March 2004, the company said. The median price fell in all six counties, with the biggest declines in Riverside and San Bernardino, markets hit hard by foreclosures. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWhicker: Clemson demonstrates that it’s tough to knock out the champDuring November, there were 9,832 fewer sales of new and previously owned houses and condominiums than a year earlier, DataQuick said. The previous sales low came in November 1992, when 15,446 homes sold. Sales have averaged 22,749 in November over the past 20 years. Sales did increase 2 percent from October, better than the average 7.4 percent monthly decline over the past two decades, DataQuick said. But an 11.5 percent increase in new-home sales, in response to builders offering deals, drove the monthly increase. “Last month shows how lower prices have lured some people back into the market – especially the new-home market,” said Marshall Prentice, DataQuick president. “Some might point to the October-to-November increase as evidence sales have bottomed out, but we’ll need to see a sustained trend.” The report showed that: Sales in Los Angeles County fell the annual equivalent of 46percent, to 4,468, and the median price dipped 3.5 percent, to $499,000. In Ventura County, the median price fell 9.7 percent, to $521,250. Sales fell 42.7 percent, to 516. In Riverside County, the median plunged 16.5 percent, to $356,500, while sales tumbled 43.2 percent, to 2,503. The median in San Bernardino County fell 13.2 percent, to $330,000, and sales dropped 48.1 percent, to 1,719. Riverside and San Bernardino were the only counties in the region where the median price fell within the range for loans guaranteed by giants Fannie Mae and Freddie Mac. Sales financed with such loans increased 3.5 percent from October to November, while jumbo-loan purchases declined 0.1 percent. [email protected] 818-713-3743160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more