The Southern California housing market showed some signs of stabilizing last
month with sales popping up more than average from May to June, a real estate
data firm reported Tuesday.
Sales rose 11.6% from May, driven by first-time buyers and investors scouring
the market for bargains. A total of 20,532 newly built and previously owned
homes sold in the region last month, according to DataQuick of
San Diego. That tally was nevertheless a 14.0% decline from the same period a
year ago, the last month that buyers could close on their home purchases and
qualify for the popular federal tax credit.
The median sales price for the region was $285,000, a 1.8% increase from May
though still down 5.0% from June 2010. The median, the point at which half the
homes sold for more and half for less, was 15.4% above the most recent bottom of
$247,000 hit in the throes of the financial crisis in April 2009.
â€œThe housing market remains dysfunctional and lopsided, just somewhat less so
than it was a few months or a year ago,â€ DataQuick President John Walsh said.
"The market mix indicates that a lot of potential buyers are either stuck, for
lack of equity, or spooked and are waiting things out.â€
Sales of so-called distressed properties -- those whose owners are in some
state of default -- made up more than half of the Southland resale market last
month. Roughly one out of three homes resold was a foreclosure, while almost one
in five was a short sale, in which the mortgage holder accepts a sale price that
is less than the outstanding debt on the property.
Article from the L.A. Times
Keller Williams Realty Beverly Hills