Southern California Home Sales Fall In November

CBS Los Angeles

SAN DIEGO (AP) — Southern California home sales fell in November as investors showed less interest and the supply of properties for sale remained thin compared to last year, a research firm said Monday. Prices held steady from October.

There were 17,283 new and existing houses and condominiums sold last month, down 10.4 percent from the same period of 2013, DataQuick said.

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 last year — the 16th straight month of double-digit annual increases.

Waning interest from investors and all-cash buyers followed a sharp increase in prices earlier this year. Prices have held steady for the past six months.

Absentee buyers — mostly investors and second-home purchasers — bought 26.1 percent of the homes for sale in November, down from 28.7 percent the…

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