Southern California Home Prices Rise 4% in December
Southern California home prices rose last month for the first year-over-year increase since 2007 as sales of foreclosed homes declined and more properties sold in pricier coastal markets.
The median price was $289,000 in December, up 4 percent from a year earlier and 1.4 percent from November, MDA DataQuick said. The rise from a year earlier was the first in Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties since August 2007, the San Diego-based research company said today in a statement.
The price increase was helped by a drop in foreclosure resales, which fell to 39.6 percent of all existing-home sales from 53.5 percent a year earlier, MDA DataQuick said. Home sales climbed in more expensive cities including Beverly Hills, Santa Monica and Newport Beach, the research company said.
A total of 22,328 new and existing homes sold last month in the six Southern California counties tracked by MDA DataQuick, up 12 percent from a year earlier and 16 percent from November.
According to Andrew LePage, an analyst with MDA DataQuick, “For a long time, the high end wasn’t contributing much to sales. Just getting those high-end sales back into the mix can push the median up, especially when the low-end or foreclosure sales are tapering off.”
If you are interested in contacting any of our Market Specialists for free counseling, email Customer Support or call at 1-800-881-1479
Leave a Reply