Sales of new and existing houses and condominiums in Southern California dropped 11.8 percent year over year in June, according to CoreLogic.
According to CNBC, the report, which covers Los Angeles, Riverside, San Diego, Ventura, San Bernardino, and Orange counties, also found that sales in June fell 1.1 percent from May. The average change between May and June since 1988 has been a 6 percent gain.
The drop is attributed to a lack of homes, and affordable homes in particular, that are for sale in the region. Sales of newly built homes fell particularly low, to 47 percent below the June average.
“Sales below $500,000 dropped 21 percent on a year-over-year basis, while deals of $500,000 or more fell about 3 percent, marking the first annual decline for that price category in nearly two years,” said Andrew LePage, a CoreLogic analyst. “Home sales of $1 million or more last month rose just a tad – less than 1 percent – from a year earlier following annual gains of between 5 percent and 21 percent over the prior year.”