November Home Sales Among Slowest in Last Quarter-Century, Analyst Says

By City News Service:

The median price of a home in Riverside County rose by 4.4 percent in November, compared with the same month a year ago, while the number of homes sold jumped by 5.5 percent, a real estate information service announced Wednesday.

According to CoreLogic, the median price of a Riverside County home was $318,500 last month, up from $305,000 in November 2014. A total of 2,797 homes were sold in the county, up from 2,650 during the same month the previous year.

A total of 16,122 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic. That was down 19.1 percent from 19,920 in October but up 2.4 percent from 15,747 in November 2014.

The median price of a Southern California home was $438,000 in November, up 0.7 percent from $435,000 in October and up 6.8 percent from $410,300 in November 2014.

“Even though sales were still slightly higher last month than in November 2014, November 2015 was one of the slowest Novembers for Southern California home sales in the past quarter-century,” said Andrew LePage, a research analyst for CoreLogic. “It’s normal for activity to drop between October and November, but the 19 percent decline between the two months this year was roughly double the typical decrease. The month-to-month sales decline applied across county borders and price categories.”