– The median price for single-family, re-sale homes went over the $600,000 mark for the first time since August 2008.
– Inventory continued to decline in November: down 66.7% compared to November 2008.
– Pending sales were up 90.4% year-over-year.
The median price for single-family, re-sale homes went over the $600,000 mark in November for the first time since August 2008. It was also up, year-over-year, for the second month in a row.
The median price rose 2.1% month-over-month, and was up 20.3% compared to last November.
Sales of single-family, re-sale homes declined 12.6% last month compared to October. Year-over-year, sales were up 35.6%. November was the seventeenth month in a row that sales were higher than the year before. Year-to-date, home sales are up 21.5%.
Condo sales were down last month, dropping 24.5% from October, but were up 49.5% year-over-year. Year-to-date, condo sales are up 22.4%.
The median price for condos rose 1.4% from the month before, and was up 14% year-over-year.
Inventory continues to decline with the supply of homes down 13.2% from October, and off 66.7% year-over-year. Condo inventory dropped 6.5%, off 66.5% compared to last November.
The sales price to list price ratio for homes stayed over 100% for the fifth month in a row: 100.7%.
Our days of inventory indicator for single-family homes was flat at 60 days. The indicator for condos rose twelve days to 62.
Pending sales, an indicator of what’s going to happen in the next month or two, fell 6% from October, but were up 90.4% year-over-year.
Go to my on-line site SCVReport.com for the full report, plus a city-by-city breakdown.
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