Mixed signals in Southern California home prices

Southern California home prices continue to creep upward, although they remain below their year-ago levels, according to tracking firm DataQuick. The region’s median price last month — $280,000 — reflects a 5 percent drop from June 2010, but a 1.8 percent increase from May 2011’s median price.

July 13, 2011
home prices, housing market, california, southern california

Southern California home prices continue to creep upward, although they remain below their year-ago levels, said tracking firm DataQuick on Tuesday, reported by Bloomberg BusinessWeek.

The region’s median price last month $280,000 reflects a 5 percent drop from June 2010, but a 1.8 percent increase from May 2011’s median price. This is the highest the median has been since December.

Meanwhile, home sales fell 14 percent from 23,871 in June 2010 to 20,532 last month. Sales were up, however, 11.6 percent from 18,394 in May.

More than half of the existing homes sold came from distressed property sales, DataQuick said.

Foreclosures accounted for 33 percent of last month's sales, down slightly from 33.2 percent in May, but up from 32.8 percent a year earlier.

For more information: http://www.businessweek.com/ap/financialnews/D9OE9UN01.htm

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