FAIRFIELD — Home prices increased 3 percent in Solano County in November, outstripping the increase in the rest of the Bay Area and California, despite a continuing tight supply.
According to San Diego-based DataQuick, a total of 430 homes sold in the county last month for a median price of $275,000. That was up 24.2 percent from a year ago – the 19th consecutive year-over-year increase in the county. However, the total was 26 percent fewer homes than sold a year ago and down from 583 sold in October.
Across the state, home sales slid, while prices held steady.
There were 33,429 new and existing houses and condominiums sold in November, down 10.8 percent from 37,481 sales the same period last year, DataQuick said.
The statewide median sales price was $360,000, up 23.7 percent from $291,000 the same period last year but up only 0.8 percent from $357,000 October. It was the 21st straight month of annual price increases and 12th straight month of annual gains above 20 percent, though prices have cooled since a torrid run earlier this year.
Lack of inventory is keeping a lid on sales. The California Association of Realtors said Tuesday that the state had a 3.6-month supply of unsold single-family homes in November, better than the three-month supply a year earlier. Still, supply in a normal market is considered five to seven months.
Sales in the Bay Area slid 10.9 percent from last year to 6,659 homes, DataQuick said. The median sales price in the nine-county region was $550,000, up 25.6 percent from $438,000 in November 2012 and up 1.9 percent from $539,750 in October.
The Bay Area had only a 2.3-month supply of unsold homes, unchanged from the same period last year, according to the California Association of Realtors.
DataQuick reported Monday that sales in Southern California fell 10.4 percent from last year to 17,283 homes.