Southern California's median home price climbed to a high not seen in more than four years even as sales plummeted -- the latest sign that the housing market is becoming increasingly competitive, with fewer homes available.
Sales declined for the first time in nine months as California experienced a shortage of affordable properties, according to real estate research firm DataQuick. In particular, foreclosed homes hit a nearly five-year low.
The region’s median price was $315,000 last month, up 1.9% from August and 12.5% from September, DataQuick reported.
Sales fell 20.4% from last year and were down 1.6% from the month prior, with a total of 17,859 newly built and previously owned homes bought across the region.