Home Sale Price Climbs Again; Sales Rise Slightly Yr/Yr
As seen on DQnews.com
The median price paid for a Southern
California home hit a 56-month high in March, rising 23.4 percent from a year
earlier as the impact of foreclosures continued to fade and sales of mid- to
high-end homes shot up. Total sales were the highest in six years for a March
despite a sharp drop in sub-$300,000 deals, a real estate information service
A total of 20,581 new and resale houses and
condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and
Orange counties last month. That was up 29.1 percent from 15,945 sales in
February, and up 3.1 percent from 19,953 sales in March 2012, according to
San Diego-based DataQuick.
Sales normally jump between February and
March, with that month-to-month gain averaging 36.4 percent since 1988, when
DataQuickâ€™s statistics begin.
Last monthâ€™s sales were the highest for the
month of March since 21,856 Southland homes sold in March 2007, but they were
still 15.1 percent below the March average of 24,254 sales. The low for March
sales was 12,808 in 2008, while the high was 37,030 in March 2004.
The median price paid for all new and
resale houses and condos sold in the six-county Southland was $345,500 last
month, up 8.0 percent from $320,000 in February and up 23.4 percent from
$280,000 in March 2012. Last monthâ€™s median was the highest since July 2008,
when it was $348,000.
The median has risen on a year-over-year
basis for 12 consecutive months, and those gains have been double-digit â€“
between 10.8 percent and 23.5 percent â€“ since last August.
â€œItâ€™s remarkable how much the housing scene
has changed in a year. At this point in 2012 there were still plenty of folks
sitting on the marketâ€™s sidelines, waiting to be sure the recovery was real.
But gradually the psychology shifted as the economy picked up steam and
mortgage rates fell to historic lows. Weâ€™re seeing the release of a lot of
pent-up demand, especially in the middle and higher-priced neighborhoods
where activity had been sluggish for years,â€ said John Walsh, DataQuick
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