Little change in Socal housing picture - and that's not good

I suppose flat is better than down, but at some point the numbers will have to look a lot better than what's being reported by Dataquick for November. Sales in L.A. County were up 5.8 percent from a year earlier and were unchanged from October. Prices were up down 5.2 percent from a year earlier and up 2.6 percent from October. Of particular concern for Southern California: Sales above $500,000 fell nearly 16 percent from a year earlier, which confirms how hard it's been to unload mid-priced listings. Sales below $400,000 were up 6.1 percent. From press release:

"'Tis still the season to go bargain hunting - or at least that's what the November home sales data suggest. The portion of homes sold to investors continued to hover near an all-time high. Lower prices and amazingly low mortgage rates tempted those with the confidence to buy and the ability to qualify for a loan, or to pay cash," said John Walsh, DataQuick president. "But these sales levels remain subpar, with new-home sales stuck at record lows. Part of it is the economy and would-be buyers' uncertainty - about jobs, home prices and a potential surge in foreclosed properties hitting the market. Part of it's the folks who can't move up because they're upside down with their mortgages. And many who want to buy more expensive homes struggle with the financing."

NOVEMBER HOME SALES (% change from November 2010)
Los Angeles 5,859 5.80%
Orange 2,297 1.80%
Riverside 2,971 -0.20%
San Bernardino 2,378 4.70%
Ventura 625 4.70%

NOVEMBER MEDIAN PRICE (% change from November 2010)
Los Angeles $308,000 -5.20%
Orange $400,000 -8.00%
Riverside $195,000 0.00%
San Bernardino $155,500 2.30%
Ventura $349,550 -6.80%