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Home sales in Southern California remain stagnant

December 20, 2010 - Median home prices are rising in Southern California, but sales remain slow as some sellers have had to wait longer for their moving plans to take shape.

There were 16,208 homes sold in Los Angeles, Riverside, San Diego, San Bernardino, Ventura and Orange counties in November, down 3.2 percent from the previous month and 15.5 percent year-over-year, reported MDA DataQuick. It was also the second-lowest monthly total for any November in the past 18 years, though the dip was better than normal seasonal declines. On average, home sales from October to November typically drop 8.1 percent, said the report.

Analysts with the group said moving activity slowed this year once homebuyer incentives disappeared, though many buyers may be sitting on the fence.

"You know there are a lot of people just waiting to jump into the market once they feel the time is right," said MDA president John Walsh. "For many the key signal will be a greater sense of job security. For others the cue could be evidence that home prices have bottomed for good, or that ultra-low mortgage rates are slipping away."

On the subject of jobs, many people holding off on their relocations are receiving mixed news. Though the Labor Department reported that California added jobs in November, the figure was too small - at just 1,600 - to make a large dent in the state's unemployment rate, which held firm at 12.4 percent.
 

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