Real Estate Market Recovery in Southern California: Home Sales Increase for 12th Straight Month
La Jolla, CA---Southern California home sales rose in June to the highest level in 30 months as the number of deals above $500,000 continued to climb. June’s sales gain, plus another rise in the region’s median sale price, indicate buyers responded to price cuts on mid- to high-end homes and found it easier to secure financing for pricier abodes, a real estate information service reported.
A total of 23,262 new and resale houses and condos closed escrow in San Diego, Orange, Los Angeles, Ventura, Riverside and San Bernardino counties last month. That was up 12% percent from 20,775 in May and up 29% from a revised 18,032 a year ago, according to San Diego-based MDA DataQuick (see chart above).
Sales have increased year-over-year for 12 consecutive months.
June’s sales were the highest for that month since 2006, when 31,602 homes sold, but were 17.7 percent below the average June sales total since 1988, when DataQuick’s statistics begin. June sales peaked at 40,156 in 2005 and hit a low last year.
The median price paid for all new and resale houses and condos sold in the Southland last month was $265,000, up 6.4% from $249,000 in May but down 26.4% from $360,000 a year ago. It was the second consecutive month in which the median rose on a month-to-month basis. Before May’s 0.8% increase over April, the median hadn’t risen from one month to the next since July 2007.
MP: All signs point to the beginnings of a recovery in the Southern California real estate market.
A total of 23,262 new and resale houses and condos closed escrow in San Diego, Orange, Los Angeles, Ventura, Riverside and San Bernardino counties last month. That was up 12% percent from 20,775 in May and up 29% from a revised 18,032 a year ago, according to San Diego-based MDA DataQuick (see chart above).
Sales have increased year-over-year for 12 consecutive months.
June’s sales were the highest for that month since 2006, when 31,602 homes sold, but were 17.7 percent below the average June sales total since 1988, when DataQuick’s statistics begin. June sales peaked at 40,156 in 2005 and hit a low last year.
The median price paid for all new and resale houses and condos sold in the Southland last month was $265,000, up 6.4% from $249,000 in May but down 26.4% from $360,000 a year ago. It was the second consecutive month in which the median rose on a month-to-month basis. Before May’s 0.8% increase over April, the median hadn’t risen from one month to the next since July 2007.
MP: All signs point to the beginnings of a recovery in the Southern California real estate market.
7 Comments:
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Reality check: The 58% drop out rate isn't actually that bad compared to the other high schools in California. But that's what you get with government monopolies - keeping score by the size of their budget rather than results.
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So 50% of the southern California homes are crappier than this one?
The crime map shows two homicides, not one.
Robert Miller is funny and wears a neat beret, but talking way out of school. He doesn't know SoCal real estate. We have hit bottom. Indeed, the mix of sales -- mostly foreclosures -- has been dragging down the median price more than an actual decrease in per square foot prices in stable neighborhoods.
True, under $300k, there is not too much nice in SoCal, unless you know where to look. That is a sign of region's prosperity.
But, unlike two years ago, there is nice stuff out there under $400k.
Also, don't let crime stats scare you. I have lived in "Frogtown" or Elysian Valley section of Los Angeles since 1992. Sometimes it referred to as a "high crime" area, or that there are gangs here, though less and less. After 18 years, I have never had a single incident here, and I actually trade homegrown fruits and vegetables with my neighbors. There was a spate of murders here in the 1990s--if you were on the street after midnight and talking tough, and in a gang, you might have got popped. But even that has passed away. Strangers murdering strangers--hasn't happened here in local memory.
Mostly, the kids in this neighborhood harbor dreams of joining the military or fixing airplane engines at LAX, or starting auto repair businesses. The girls harbor dreams of having babies, and they succeed in that.
It ain't Mayberry, but perhaps it compares favorably to that Sodomite Stronghold by the Bay, up the coast.
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I don't know if you are reading anymore, Robert Miller, but stats read by some armchair expert in the Sodomite Stronghold are not the same as living in Los Angeles for more than five decades.
Go onto Redfin, and click in 90039. Most of the single family houses that come up are in reasonably safe neighborhoods, and are now reasonably priced. I wish they were cheaper, and I wish i was paid more, but hey what is, is. And thi is not a "swank" zip code.
14 percent of murders are by strangers, you say. That is not high, and may overestimate. In some tougher neighborhoods, the victims may not want to finger the perp--drug dealers for example, who seem to be our main murder victims. If friends, relatives of the deceased admit they knew the murderer, it would raise a whole host of other questions. As in how?
I realize Mr. Miller you are an expert in foreign relations, national and international economics, gender variations and most else, but Los Angeles residential neighborhoods--please, give it a rest. You don't know your ass from an asbestos lined sphincter.
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