Home Sales Dropped Drastically in November

The median price of a home in Los Angeles County rose by 7.6 percent in November, compared with the same month a year ago, while the number of homes sold inched up by 0.2 percent, a real estate information service announced today.

According to CoreLogic, the median price of a Los Angeles County home was $495,000 last month, up from $460,000 in November 2014. A total of 5,422 homes were sold in the county, up from 5,413 during the same month the previous year.

In Orange County, the median price was $623,000 last month, up 6.8 percent from $583,500 in November 2014. The number of homes sold rose by 1.9 percent, from 2,399 in November 2014 to 2,444 last month.

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.”

City News Service; Photo: Shutterstock