That’s the air continuing to escape the bubble.
November home sales in Los Angeles, Orange, Riverside, San Bernardino, Ventura and San Diego counties have averaged 22,749 units for the last 20 years. Last month, 13,173 houses and condominiums were sold in the region.
The Southern California median home price of $435,000 is on par with what prices were in early 2005, or off 14% from a peak of $505,000 earlier this year.