IE sales TANK in November

Sales in the IE fell 20.5% in Riverside and 17.5% in San Berdu versus last Nov. Interest rates are about the same as last year (a little lower actually), median price is the same as last year. So what's different? Well last year sales numbers were pumped up because the tax credit was expiring. Of course it was extended but no one knew for sure that would happen so a lot of people jumped off the fence to get that 8 grand.

So here's the DQ report,

CA---Southern California home sales fell in November to the second-lowest level for that month in 18 years, reflecting the weak economic recovery, a dormant new-home market and tight credit conditions. The median price paid for a home rose above a year earlier for the 12th consecutive month, though November’s gain was the tiniest yet, a real estate information service reported.

A total of 16,208 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 3.2 percent from 16,744 sales in October, and down 15.5 percent from 19,181 in November 2009, according to MDA DataQuick of San Diego.

A drop in sales from October to November is normal for the season, with the decline averaging 8.1 percent since 1988, when DataQuick’s statistics begin. November’s sales were the lowest for that month since 2007, when 13,173 sold, and the second-lowest since 1992, when 15,446 sold. Last month’s sales fell 26.5 percent below the average November sales tally of 22,047.

In the new-home market, sales were the slowest for a November since at least 1988. In many growth areas the math for builders just doesn’t work: The cost to construct is higher than what buyers can afford or are willing to pay. Often builders can’t compete with the pricing of nearby resale homes, especially foreclosures and short sales.

	Sales Volume			Median Price
All homes	Nov-09	Nov-10	%Chng	Nov-09	Nov-10	%Chng
Los Angeles	6,257	5,540	-11.50%	$329,000	$325,000	-1.20%
Orange	2,528	2,257	-10.70%	$432,500	$435,000	0.60%
Riverside	3,745	2,977	-20.50%	$200,000	$195,000	-2.50%
San Bernardino	2,751	2,271	-17.40%	$160,000	$152,000	-5.00%
San Diego	3,148	2,566	-18.50%	$325,000	$335,000	3.10%
Ventura	752	597	-20.60%	$365,000	$375,000	2.70%
SoCal	19,181	16,208	-15.50%	$285,000	$287,000	0.70%