SoCal home prices up, sales down
October 13th, 2012, 1:00 am ? ? posted by Jeff Collins
Southern California home prices climbed to a four-year high in September, rising 12.5% from year-ago prices.
Last month?s home sales, however, took a dive, pulled down by sales drops in the Inland Empire, according to DataQuick.
| Area | Price | 1 yr chg | Sales | 1 yr chg |
|---|---|---|---|---|
| Los Angeles | $340,000 | 9.7% | 6,188 | 0.0% |
| Orange | $450,000 | 5.9% | 2,677 | 6.7% |
| Riverside | $212,500 | 11.3% | 2,920 | -11.6% |
| San Bernardino | $170,000 | 13.3% | 2,044 | -10.9% |
| San Diego | $350,000 | 11.1% | 3,214 | 4.2% |
| Ventura | $374,750 | 7.4% | 816 | 5.7% |
| SoCal | $315,000 | 12.5% | 17,859 | -1.6% |
The median price of a SoCal home was $315,000, DataQuick reported. There also were 17,859 homes sold regionwide, down 1.6%.
DataQuick attributed home price gains in the region to two reasons:
- Higher demand triggered by ?ultra-low? mortgage interest rates; and
- A big change in the types of homes selling this year from heavily discounted foreclosures to more mid- and high-end move-up properties.
?The latest stats suggest unbelievably low mortgage rates and modestly higher consumer confidence continue to put pressure on a supply-starved housing market,? said DataQuick President John Walsh.
?We can?t stress enough, though, that the median sale price and other price measures reflect more than just rising home values. There?s been a major change in market mix, meaning fewer low-priced sales, fewer foreclosures re-selling, and more sales in middle and upscale markets.?
?
| A little context ? | |
| MARKET TRENDS | INDUSTRY NEWS |
Source: http://lansner.ocregister.com/2012/10/13/socal-home-prices-up-sales-down/167018/
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