Southern California real estate is selling! Dataquick reports that November home sale numbers actually exceeded those of November, 2007. This is the fifth consecutive month that the 2008 home sale numbers exceeded the 2007 home sale numbers.
According to Dataquick, the median sale price of a Southern California home " ... was $285,000, down 5 percent from October and down a record 34.5 percent from November 2007. Last month's median was the lowest since it was $298,000 in April 2003, which was the last time the median was below $300,000. November's median stood 43.6 percent below the peak $505,000 median reached in spring and summer of last year."
What's moving the Southern California real estate market? Foreclosures, which accounted for over half of November's sales. The greatest concentration of foreclosures in Southern California is in Riverside County and San Bernardino County.
To read the press release, go here DQNews.com December 16, 2008 press release