DQ November report

The November report is out. No surprises here. Sales were strong although 15% below an average November. The impending end for the home buyer tax credit spurred a lot of sales. The lack of low end inventory is also showing up in higher median prices. Similar to what happened in late 2006 and early 2007 when the median was rising because only the higher end homes were selling. Inventory continues to decline. Some of that is due to the holiday season. Many people pull their homes off the market this time of year.

Even though there are far fewer REO's on the market the amount of distressed properties is huge. Here's the latest numbers on that first.

(the numbers are the running totals for the last 120 days (through mid Dec))
Riverside,
NODs 12736
NOTs 14553
NOT sales 6755

San Berdu,
NODs 9834
NOTs 11771
NOT Sales 5558

Here's the DQ report,

Southern California’s housing market continued its step-by-step climb up from the January-February bottom as both sales and prices saw gains last month, a real estate information service reported.

A total of 19,181 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 13.3 percent from October’s 22,132, and up 14.7 percent from 16,720 for November 2008, according to MDA DataQuick of San Diego.

Sales almost always decline from October to November. The year-over-year increase was the 17th in a row. In DataQuick’s statistics, which go back to 1988, the average November had 22,312 sales.

Sales of newly built homes saw an unexpected jump last month. A total of 2,039 new homes were sold, the highest of any month so far this year, and 25.5 percent ahead of 1,625 for November 2008.

Sales have been stoked in recent months by several factors: A federal tax credit for first-time buyers, which had been set to expire last month before it was extended and expanded; robust investor activity, especially inland; super-low mortgage rates; the availability of government-insured, low-down-payment mortgages for first-time buyers; and the allure of a potential “deal” on a distressed property.

	Sales Volume			Median Price
All homes	Nov-08	Nov-09	%Chng	Nov-08	Nov-09	%Chng
Los Angeles	5,037	6,257	24.2%	$340,000	$329,000	-3.2%
Orange	2,177	2,528	16.1%	$400,000	$432,250	8.1%
Riverside	3,719	3,745	0.7%	$220,000	$200,000	-9.1%
San Bernardino	2,385	2,751	15.3%	$185,250	$160,000	-13.6%
San Diego	2,673	3,148	17.8%	$305,000	$325,000	6.6%
Ventura	729	752	3.2%	$355,000	$365,000	2.8%
SoCal	16,720	19,181	14.7%	$285,000	$285,000	0.0%