Southern California home sales surged last month from November — as they normally do — amid relatively strong activity under $300,000 and a record share of sales to “absentee” buyers, mainly investors.
But with the purchase plans of many ordinary buyers and sellers still on hold, the year-end rush couldn’t lift sales above December 2010. Moreover, investors’ focus on lower-cost homes helped push the median sale price back down to its 2011 low point, a real estate information service reported. A total of 19,247 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in December. Full Story…