Wednesday, June 13, 2012

Real Estate Rebound in Southern California

1. Home sales in San Diego County jumped by 21.5% in May, compared to the same month a year ago, while prices rose 3.2%. 

2.  L.A. County home sales jumped 25.3% in May compared with a year earlier.

3. For all of Southern California, home sales increased in May by 20.6%, and the median price increased by 5.4% from $280,000 to $295,000. 

That now makes about 20 local markets that are reporting double-digit gains in May home sales, and most gains are 20% or higher, so I think we've got a real recovery taking place for the U.S. real estate market.   

6 Comments:

At 6/13/2012 5:03 PM, Blogger Paul said...

Here in Phoenix up 25% from a yr ago. A realtor friend of mine told me today he's thinking of getting out of the business because of the lack of inventory.

 
At 6/14/2012 6:49 AM, Blogger VangelV said...

One in three homes in CA is under water. The state is broke and makes Greece look fiscally prudent. Income taxes are driving productive individuals to other regions of the country. I would say that unless you get a huge QE3 operation or the FHA expands its use of 3% down-payment mortgages the idea of getting a positive real return in real estate is a dream that is more likely to turn into another nightmare. And if the money easing does happen you will still be better off buying precious metals and selected commodities instead of houses.

 
At 6/14/2012 7:06 AM, Blogger Benjamin said...

Paul-
I thought you were a Texan.

 
At 6/14/2012 9:20 AM, Blogger Paul said...

Benji,

Moved back to Az about a yr ago.

 
At 6/14/2012 9:21 AM, Blogger Pulverized Concepts said...

What percentage of home buyers are looking at real estate as a place to convert their fragile paper wealth into a real asset and a hedge against inflation?

 
At 6/27/2012 10:44 AM, Blogger The Energy Producer said...

DFW is hot right now. We have more listings than we can keep up with. And I'm not just talking REO either.

http://www.hardcorecloser.com/mobile-facebook-marketing-strategy-realtors

 

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