Southern California home prices are up again above the year-ago level for the seventh consecutive month in July despite continued declines in low-end distress sales. Increased activity in move-up and luxury home markets also contributed to a significant rise in the region’s median sale price, which neared a four-year high!
The median price paid for a home in the six-county Southland rose to $306,000 last month, up 2.0 percent from $300,000 in June and up 8.1 percent from $283,000 in July 2011, according to San Diego-based DataQuick.
July’s median was the highest since the median was $308,500 in September 2008. The median has risen month-to-month for six consecutive months and has increased year-over-year for the past four. July’s 8.1 percent annual gain was the highest for any month since July 2010, when the median rose 10.1 percent.
Home buyers are out in much greater numbers, partially triggered by historically low mortgage rates, but inventory of homes are extremely low in many areas which is also contributing to the recent gains in the median price.
We are seeing the same trend in the Burbank real estate market and Burbank and Glendale homes for sale are also seeing a spike in multiple offer situations. For the rest of the southland, and the LA Times article, read here.
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