Southern California home sales increased in November, bucking the usual seasonal decline as buyers snapped up lower-priced homes, a research firm said Tuesday.
However, the median home price in the region fell to $275,000, down 4.2 percent from $287,000 a year ago. It was the ninth straight month of annual price declines.
Sales of homes below $400,000 rose sharply in the six-county region, while expensive homes drew fewer buyers.
There were 16,884 homes and condos sold last month, up 4.2 percent from 16,208 a year earlier, DataQuick reported. Sales also rose from the previous month despite swoons that typically occur in November.
"'Tis still the season to go bargain-hunting, or at least that's what the November home sales suggest," said John Walsh, president of the San Diego-based firm.
Sales in wealthier coastal regions suffered after caps were lowered on federally guaranteed home loans, DataQuick said. The reduced limits that took effect Oct. 1 vary by county. In Los Angeles and Orange counties, the limit fell to $625,500 from $729,750.
Sales of properties priced between $600,000 and $750,000 plummeted nearly 23 percent in November from the year-ago period, while sales of homes above $800,000 tumbled nearly 18 percent.
