Homes Sales Leap, Prices Slip

Home sales in San Diego County jumped by 7.3 percent in November, compared to the same month a year ago, while prices dipped by 6 percent, a real estate information service announced Tuesday.

A total of 2,754 homes changed hands locally last month, compared to 2,566 in November 2010, according to DataQuick. The median price of a home in San Diego County in November was $315,000, down from $335,000 in November 2010.

A total of 16,888 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange 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