Southern California has seen a 12% drop in home sales for November 2018 as price gains hit a halt. The drop in sales could be is a change given a huge boom that had homebuyers who struggling to find a home with low inventory and high prices.
"The 12% drop in November sales from a year earlier was the fourth consecutive monthly decline for the six-county region. However, housing experts aren't ready to declare that a bust is underway," according to National Mortgage News.
"The falloff in sales so far this year is still less pronounced than in 2014. And the regional median price is still rising slightly, 3.5% from November 2017, to $522,750."
The market still remains out of reach for many homebuyers, even with a slow in home sales. The report also revealed that California added 30,700 net jobs in November with its lowest unemployment rate in four decades at 4.1%, according to the report.
With a strong economic core, it is expected that Southern California will still have an overall healthy housing market.
To learn more about the fall in home sales for Southern California, click on the image above.