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By Tova Sarir | Agent in Beverly Hills, CA
  • Southern California Housing Market Improves Slightly in June

    Posted Under: Market Conditions in Los Angeles County, Home Buying in Los Angeles County, Home Selling in Los Angeles County  |  July 13, 2011 8:00 PM  |  165 views  |  No comments

    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.

    “The housing market remains dysfunctional and lopsided, just somewhat less so than it was a few months or a year ago,” 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.”

    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

    Tova Sarir

    Keller Williams Realty Beverly Hills



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