House Hunting In Laguna Beach; A Tale Of Two Markets

LAGUNA BEACH, CA — Looking for a new home in Laguna Beach, or across Orange County? home sales edged up by 0.6 percent in November compared to the same month in 2016, but they were down 4.2 percent from October. The housing market continued its "tale of two markets" across the state, according to the California Association of Realtors in a recent report.

The median price in Orange County was $785,000 in November, down 0.1 percent from $786,000 in October but up 6.9 percent from $734,500 in November 2016.

CAR reported that the median sales price for a house statewide in November was $546,820, up 0.1 percent from October and up 8.8 percent from November 2016. Home sales were down 0.8 percent in November, compared to the same month last year, but up 2.1 percent from October.

"The state's housing market performed better than we anticipated in November, despite a slowdown in sales activity in the second half of the year," said CAR President Steve White. "While high-priced markets have performed well in recent months, sales remain lackluster in the lower-priced segments as the supply of affordable homes continues to shrink. This tale of two markets is not a story that we enjoy telling as the dichotomy in the market is posing some affordability challenges to many potential homebuyers who want to enter the market."

The number of single-family homes sold in Los Angeles County dipped slightly in November, compared to the same month last year, the California Association of Realtors reported Monday.

According to CAR, Los Angeles County home sales dropped by 2.8 percent last month, compared to November 2016. Last month's homes sales were down 12.6 percent from October. The median price of a Los Angeles County home last month was $530,920, down 8.5 percent from $580,360 in October but up 9 percent from $487,060 in November of last year.