Southern California Home Sales Drop 12%; Prices Rise at Slowest Pace Since 2015
Southern California home sales plunged 12% in November from a year earlier, while prices rose at the slowest pace in three years amid a broad cooling in the housing market.
The median price in the six-county region was $522,750 in November, real estate firm CoreLogic said Thursday. That’s up 3.5% from November 2017, the smallest rise since 2015.
The median — the point at which half the homes sold for more and half for less — slipped 0.4% compared with October and is now $14,250 below the all-time high reached in June.
It’s not unusual for the median to peak in summer or slip from one month to the next. But the sales decline, combined with a plethora of other data, confirms that the housing market has slowed dramatically in recent months.
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