On one hand November home sales rose 4.2% from the same time last year and gained 0.3% from last month. On the other hand newly built homes declined 15.2% from the same time last year sinking to the lowest November on record according to the L.A. Times.
On one hand the median home price in Southern Calif. was $275K up 1.9% from last month. On the other hand itâ€™s down 4.2% from the same time last year.
More than halfâ€”51.3% to be exactâ€”of all home sales were foreclosures or short sales. This is down from 53.4% recorded in November 2010.
In the Southern Calif. region Orange County has the highest recorded median home price at $400K with L.A. County trailing at $308K, San Bernardino County has the lowest median home price at only $155.5K. Itâ€™s not for sure if the market has bottomed but when there is continued buying support home prices will no longer drop as dramatically as they have for the past couple years.