The median price of a home in Southern California moved up again in the month of August by 2.6% to $275,000, according to real estate research firm MDA DataQuick. But the number of homes sold, although up 11% from August 2008, was down 10.8% from July.
Southern California's median home price climbed for a fourth straight month in August, boosted by investors snatching up homes in distant suburbs and a relative decline in foreclosed homes for sale. The market bottomed out in April at a $247,000 median, the San Diego company said.
UCLA economist Edward Leamer stated that "although home values are still dropping in many neighborhoods, rising home sales and median prices are "all symptomatic of a bottoming out" and the worst days of the housing market are probably over".
Locally, I have seen a continuing strenthening in sales as more and more buyers are recognizing that now is a great time to buy while interest rates are at historical lows and sellers are anxious to sell.
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