- Associated Press - Wednesday, December 16, 2015

IRVINE, Calif. (AP) - Southern California home sales dropped by 19.1 percent last month - double the usual October-to-November dip - and a research group says that could mean buyers are having a hard time coming up with cash or credit.

Andrew LePage, research analyst with CoreLogic, says another problem may be a low inventory after a strong summer.

CoreLogic reports Wednesday that 16,122 homes and condos were sold in November in six counties.

LePage says although sales were up 2.4 percent compared to November 2014, it’s still one of the slowest Novembers in the past 25 years.

Meanwhile, the median sales price for a Southern California home was $438,000 - up $3,000 from October.

Wealthier buyers had no problem, though. Homes selling for $500,000 or more accounted for some 40 percent of sales.

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