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Regional Review: Year-over-year gains for Southern California home sales, prices
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Monday, December 17, 2012
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Southern California’s housing market continued its gradual recovery last month, logging the highest November sales in six years amid strong demand from investors and move-up buyers. The median sale price rose nearly 17 percent from a year earlier, the result of price appreciation as well as the ongoing shift toward fewer foreclosure resales and more mid- to high-end activity, a real estate information service reported.
A decline in sales from October to November is normal for the season. Last month’s sales were the highest for the month of November since 23,005 homes sold in November 2006, though they were 11.3 percent below the November average of 21,730 since 1988, when DataQuick’s statistics begin. The low for November sales was 13,173 in 2007, while the high was 31,987 in 1988.
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