SoCal Home Sales and Median Prices in Novmeber

Southern California home sales increased slightly over the year in November, rising by 2.4% to 16,122 units (new and resale houses and condominiums). Although sales have now risen on a year-over-year basis for ten months in a row, the November advance was 23.8% below the November average going back to 1988 when this data series began. This was one of the slowest growth rates posted for the month of November on record. Compared with October, sales plunged by 19.1%, about twice the average decline in sales that typically occurs between October and November. The slower pace of sales reflects the twin constraints of declining affordability and tight credit. The continuing lack of inventory is also a factor, affecting even wealthier buyers with top notch credit.

The median price across Southern California increased by 6.8% over the year in November to $438,000 and was up by 0.7% over the month. The median price has been climbing steadily for 44 consecutive months on a year-over-year basis and is within 13.3% of the peak price reached in mid-2007. The share of sales of homes priced above $500,000 was 40.1% in November, up from 36.0% a year ago. The number of homes sold for $500,000 or more was up by 14.4%, while the number of homes sold below that price point declined by 4.0%. 

Source:  http://www.corelogic.com/solutions/configurable-real-estate-data-reports.aspx/