California home sales drop in November

California home sales slid last month amid tight supplies, while prices held steady, a research firm said Tuesday.

There were 33,429 new and existing houses and condominiums sold in November, down 10.8 percent from 37,481 sales the same period last year, DataQuick said.

The median sales price was $360,000, up 23.7 percent from $291,000 the same period last year but up only 0.8 percent from $357,000 October. It was the 21st straight month of annual price increases and 12th straight month of annual gains above 20 percent, though prices have cooled since a torrid run earlier this year.

Lack of inventory is keeping a lid on sales. The California Association of Realtors said Tuesday that the state had a 3.6-month supply of unsold single-family homes in November, better than the three-month supply a year earlier. Still, supply in a normal market is considered five to seven months.

Sales in the San Francisco Bay area slid 10.9 percent from last year to 6,659 homes, DataQuick said. The median sales price in the nine-county region was $550,000, up 25.6 percent from $438,000 in November 2012 and up 1.9 percent from $539,750 in October.

The Bay Area had only a 2.3-month supply of unsold homes, unchanged from the same period last year, according to the California Association of Realtors.

DataQuick reported Monday that sales in Southern California fell 10.4 percent from last year to 17,283 homes.

The median sales price in the six-county region was $385,000, rising slightly from $383,750 in October to match a three-month high. The median price rose 19.9 percent from $321,000 last year — the 16th straight month of double-digit annual increases.

The Los Angeles metropolitan area had a 3.9-month supply of homes in November, an improvement from a 3.2-month supply a year earlier but still much lower than a normal market.CaliforniaCalifornia News

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Methamphetamines (Sophia Valdes/SF Weekly)
New search launched for meth sobering center site

Pandemic put project on pause but gave health officials time to plan a better facility

Hasti Jafari Jozani quarantines at her brother's San Francisco home after obtaining several clearances to study at San Francisco State University. (Photo courtesy Siavash Jafari Jozani)
Sanctions, visas, and the pandemic: One Iranian student’s bumpy path to SF State

Changing immigration rules and travel restrictions leave some overseas students in limbo

Woody LaBounty, left, and David Gallagher started the Western Neighborhoods Project which has a Balboa Street office housing historical items and comprehensive website dedicated to the history of The City’s West side. (Kevin N. Hume/S.F. Examiner)
Outside Lands podcast delves in to West side’s quirky past

History buffs Woody LaBounty and David Gallagher have been sharing fun stories about the Richmond and Sunset since 1998

Allison Zilnek and her younger daughter Marlow add Ibram X. Kendi’s “Antiracist Baby” to their Little Free Library in Walnut Creek. (Courtesy of Allison Zilnek)
The hunt for little free libraries is alleviating the pandemic doldrums

By Amelia Williams Bay City News Foundation Some people collect stamps. Some… Continue reading

After the pandemic hit, Twin Peaks Boulevard was closed to vehicle traffic, a situation lauded by open space advocates. (Kevin N. Hume/S.F. Examiner)
New proposal to partially reopen Twin Peaks to vehicles pleases no one

Neighbors say closure brought crime into residential streets, while advocates seek more open space

Most Read