Southland home sales rise 4.2% in November from a year earlier
Low prices for starter homes spurred some bargain hunting among home shoppers in Southern California last month, sending sales slightly higher.
November sales rose 0.3% from October and 4.2% from November 2010 with 16,884 homes bought across the region, according to real estate research firm DataQuick of San Diego. Sales of newly built homes suffered, declining 15.2% from a year earlier and falling to the lowest level on record for a November.
“Lower prices and amazingly low mortgage rates tempted those with the confidence to buy and the ability to qualify for a loan, or to pay cash,” DataQuick President John Walsh said. “But these sales levels remain subpar, with new-home sales stuck at record lows.”
The median home price for the region was $275,000 in November, up 1.9% from October but down 4.2% from November 2010, DataQuick reported Tuesday. The median is the price at which half the homes sold for more and half for less. It is heavily influenced by changes in the type of homes selling.
Sales of homes priced above $500,000 declined almost 16%, which DataQuick said stemmed partly from the difficulty that borrowers have had getting large mortgages.
Nearly 1 in 3 previously owned homes sold last month was a foreclosure and 1 in 5 was a “short sale,” in which the property was sold for less than the outstanding debt on the home. Short sales and foreclosures accounted for 51.3% of the market last month, down from 52.3% in October and 53.4% in November 2010.
