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.