November home sales in San Diego down by two points from 2009

By City News Service

Home sales in San Diego County dropped 18.5 percent in November, compared to the same month a year ago, while prices rose by 3.1 percent, a real estate information service reported Wednesday.

A total of 2,566 homes changed hands locally last month, compared to 3,148 in November 2009, according to La Jolla-based MDA DataQuick. The median price of a home in San Diego County in November was $335,000, up from $325,000 in November 2009.

A total of 16,208 new and resale houses and condos sold in the six-county Southern California region — Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties — in November, according to DataQuick. That was down 3.2 percent from 16,744 in October, and down 15.5 percent from 19,181 in November 2009.

November’s homes sales were the second-lowest for that month in 18 years, according to DataQuick.

“The great waiting game of 2010 continues,” according to John Walsh, MDA DataQuick president. “This is the year when the economy sputtered and a lot of potential home buyers opted to sit tight, especially once the government incentives dried up. Fundamentally home sales remain weak because the job market has been slow to mend and credit policies remain unusually tight.”

The median price for a Southern California home was $287,000 last month, up 1.4 percent from $283,000 in October, and up 0.7 percent from $285,000 in November 2009, according to DataQuick.