O.C. Home Prices Down 8 Percent

Home sales in Orange County were up 1.8 percent in November, compared to the same month a year ago, while prices dipped 8 percent, a real estate information service announced today.

A total of 2,297 homes changed hands locally last month, compared to 2,257 in November 2010, according to La Jolla-based DataQuick. The median price of a home in Orange County in November was $400,000, down from $435,000 in November 2010.

In Los Angeles County, 5,859 homes were sold in November, up 5.8 percent from November 2010, when 5,540 were sold. The median home price was $308,000 last month, down 5.2 percent from $325,000 in November 2010.

Click here to see the numbers for your city.

A total of 16,8884 new and resale houses and condos sold in Orange, Riverside, San Diego, Ventura, San Bernardino and Los Angeles counties in November, according to DataQuick. That was up 0.3 percent from 16,829 in October, and up 4.2 percent from 16,208 in November 2010.

"Tis the season to go bargain hunting—or at least that's what the November home sales data suggest," DataQuick President John Walsh said. "The portion of homes sold to investors continued to hover near an all-time high. 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."

The median price for a Southern California home was $275,000 last month, up 1.9 percent from $270,000 in October but down 4.2 percent from $287,000 in November 2010, according to DataQuick.

—City News Service