A record number of investors and second-home buyers flooded the Southern California real estate market in December, though not enough to give sales in the region a bump over the same month a year earlier, according to the Los Angeles Times. With the investors buying low-cost homes, the region’s median home price fell to its lowest level in 12 months, according to San Diego real estate firm DataQuick.
Sales fell 1.4% from the same month a year earlier, with a total of 19,247 homes bought throughout the six-county region. Sales fell the most in San Bernardino, down 7.2% from the same month a year prior. The region’s median home price — the point at which half of the homes in the region sell for more and half for less — fell 6.9% to $270,000.