Southern California November Home Sales Fall Sharply; Median Sale Price Holds Steady Again

As seen on DQNEWS.com

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its November Southern California housing market report. Home sales dropped to the lowest level for the month of November in seven years, the result of a relatively low number of days for recording deals, as well as fewer investor purchases and other market factors. There were also more signs of home prices flattening out: The region’s median sale price has changed little over the last three months and November marked the sixth consecutive month in which the median had a single-digit year-over-year gain, following 22 months of double-digit increases.

A total of 15,643 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in November 2014. That was down 18.8 percent from 19,271 sales in October, and down 9.5 percent from 17,283 sales in November 2013, according to CoreLogic DataQuick data.

On average, Southern California sales have fallen 8.4 percent between October and November since 1988, when CoreLogic DataQuick data began. It’s likely that this November’s sales decline from October was especially sharp because of a calendar issue: There were only 17 days on which home sales could be recorded at county recorders’ offices this November, compared with 22 or 23 days in October, depending on the county. Over the last decade, there has been an average of about 19 days for such recordings in the month of November.

November home sales have ranged from a low of 13,173 in 2007 to a high of 31,987 in 1988. November 2014 sales were 26.7 percent below the November average of 21,340 sales. Between January and November of this year, home sales were down 9.8 percent from the same 11-month period in 2013.

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San Bernardino County Adopts Prop 90!

sanbernTax Savings for Seniors (prop 60/90)

Proposition 60 and 90 are property tax savings programs for homeowners age 55 or older who sell their home and buy another of equal or lesser value.  They allow the taxable value of the original home to be transferred to the replacement home, preventing an increase in property tax due to the relocation.

Important to note about these 2 tax transfers initiatives is that Proposition 60 allows transfers of base year values within the same county (intra-county), while proposition 90 allows transfers from one participating California county to another (inter-county). San Bernardino County has adopted to participate in Prop 90 effective November 20th, 2014. Now the following 10 California counties will be the ones talking part in Prop 90 transfers: Alameda, El Dorado, Los Angeles, Orange, Riverside, San Bernardino, San Mateo, San Diego, Santa Clara and Ventura.

Included is an updated WRT Info Sheet on these propositions. For more technical answers to your questions, see the FAQ’s link found on the California State Board of Equalization website: PROP 60/90.

Congratulations San Bernardino County, you’ve just helped make retirement for Southern California seniors more attractive while keeping it LOCAL!

Property Taxes are Due December 10th!

IMPORTANT REMINDER… and great reason to call your past clients to remind them that their property taxes are due!

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 Click below to pay online:

Los Angeles County  –  Orange County  –  Riverside County

San Bernardino County  –  San Diego County