SoCal median home price shows uptick for first time since 2007
A tracking firm says the median home price in Southern California rose 4 percent last month from December 2008, its first year-on-year gain since summer 2007. San Diego-based MDA DataQuick reported Tuesday that the increase was the result of more high-priced homes in relatively expensive neighborhoods entering a market that had been dominated by lower-end sales. Last month's median home price in the six-county region of Southern California was $289,000, up from $278,000 in December 2008 and from $285,000 in November. DataQuick also says home sales increased more than 12 percent from a year ago to more than 22,300. December's increase made for 18 consecutive months of year-on-year gains. The increases were led by Los Angeles County, which showed a 5.9 percent year-over-year median price increase to $339,000, and Orange, San Diego and Ventura counties. Home sales increased in Los Angeles County by 31.3 percent over December 2008, with 7,679 units sold in the month. Meanwhile, some of the more affordable inland areas that saw robust 2008 sales recorded year-over-year declines last month. Median prices in San Bernardino and Riverside counties showed worse for December, coming in lower on both a year-to-year and month-to-month basis.
In San Bernardino County, sales increased 2.5 percent year over year, with 2,934 units sold. The median price in December was $154,000, down 14.4 percent from December 2008.
Riverside County sales decreased by 3.4 percent year over year, with 4,282 units sold. The median home price was down 6.2 percent from December 2008 to $196,000.
In San Bernardino County, sales increased 2.5 percent year over year, with 2,934 units sold. The median price in December was $154,000, down 14.4 percent from December 2008.
Riverside County sales decreased by 3.4 percent year over year, with 4,282 units sold. The median home price was down 6.2 percent from December 2008 to $196,000.
Leave a comment