Southern California home prices jump 6.4%
Southland home sales up; median levels off .
Yes, the median existing home sales price in Southern California was 6.4% higher in June than in May. The big cause of the jumb was buyers coming back in to the above $500k market. Homes above $500k were 19.6% of all home sales.
The number of sales climbed for the 12th straight month and the percentage that were foreclosures continue to drop. June sales were the highest for the month since 2006 but still 17.7% below the average June sales since 1988.
June was the 2nd month in a row with a month over month price increase. The median price remains 47% below the peak of early 2007. The decrease in the median price is largely due to a shift in buyers looking for distressed housing in lower cost areas.
It appears that the Southern California housing market is slowly working towards more normalized operations. Prices are stabilizing and sales continue to climb towards historical averages. Questions remain on how much foreclosed property will come into the market and how fast it will come. New home builders are building at about 20% of their historical averages. It will be interesting to see where the numbers go from here.
Source: DQNews, article linked above.
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