The California housing market continues to slow with news that November saw home sales register the lowest annualized pace since October 2007 and the largest year-over-year sales drop in at least the past four decades.
Locally, the California Association of Realtors reports that SoCal saw cumulative sales fall 15.7 percent in November, compared to the month prior. On an annual basis, sales were down 46.9 percent.
Ventura County sales took the biggest month-over-month tumble, down 27.2 percent. The median sold price of existing-home sales in Ventura actually increased, however, by 0.6 percent to $860,000.
San Diego County was the only other SoCal region to see its median sale price increase in November, up 0.6 percent to $865,000. Sales were down 11.4 percent month-over-month and 44.1 percent annually.
Orange County took a 19 percent sales decline in November, while the median sold price fell 5.6 percent to $1.1 million. Los Angeles County sales dropped 16.3 percent, with the median sale price falling 2.1 percent to $836,630.