Friday, June 19, 2009
Southern California Home Prices Rise for First Time Since 2007
The median home price paid for all homes in the 6 counties located in Southern California was $249,000 last month, up 0.8% from April yet 32.7% lower than the $370,000 median seen a year ago- per DataQuick.
Keep in mind that the median was the 2nd lowest for any month since February 2002 when it stood at $242,000.
“We appear to be in the early stages of the market gradually tilting back toward a more normal balance of sales across the home price spectrum. As more sellers get realistic, more buyers get off the fence and more lenders offer reasonable terms for high-end purchase financing, we’ll see a more normal share of sales in the more established, higher-cost areas that have been nearly comatose" according to John Walsh at DataQuick.
Homes sales priced above $500,000 rose from 15.2% of sales in April to 17% in May.
