Home prices in So. Cal. - more good news
Home prices in Southern California rise with sales volume increases
Home prices throughout Southern California matched a two-year high in June according to DataQuick, a leading provider of real estate research.
According to the firm, the median price of both new and existing homes was up 5.3% from the same period in 2011.
The California Association of Realtors also released its June median sales price for existing single family homes, which does not include new construction or any attached homes. The median was up 8.1% from last year.
One important thing to remember about median price is that it is simply the mid-way point between all of the sales. It can be influenced by the mix of homes that is selling, which could partially be the case here. The number of sales that were in some state of foreclosure were down this year versus last year, so more of the sales were non-distressed sales. Since these typically sell for a higher price, this could be one of the reasons for the median increase.
That said, it is good to see both price and sales increases (sales were up 7.5% in Southern California versus last year). We will watch and see if this continues through the remainder of the year.
Bryan & Allison Devore
Prudential California Realty
North San Diego County and Carlsbad Real Estate
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