As the year draws to a close, Southern California's housing market remains stuck in low gear.
The number of homes sold in the six-county Southland dipped 9.5% in November, compared with the same month last year. The median price climbed to $412,000, up 7% from November 2013 but basically unchanged from recent months.
That's according to new figures out Monday from CoreLogic DataQuick, which tracks the housing market here. That same general pattern -- fewer sales and single-digit year-over-year price gains -- has held through the second half of 2014, as would-be buyers stay on the sidelines after last year's big run-up in prices.
"Southern California home sales are closing on a low note in 2014," said Andrew LePage, a data analyst for CoreLogic DataQuick. "Inventory still lags demand in many markets and traditional buyers haven't filled the void left by the investors who've pulled out. Among would-be buyers, affordability and mortgage availability remain as hurdles."
Still, LePage and other market watchers expect 2015 to be a modestly better year, as job and wage growth boosts demand and interest rates remain near record lows.
Price growth in November was strongest in the Inland Empire; the median price rose 10.9% in Riverside County and 16.7% in San Bernardino. It was weakest in Ventura and San Diego counties, up 3.4% and 3.6%, respectively.
Price growth was fastest at the lower end of the market, slowest at the high end. Indicators of foreclosures, short sales and cash or investor purchasing continue to trend downward.