Home prices up in Southern California, Inventory low – Santa Monica Real Estate
Nothing new to see here folks. Just more of the continuing trend that has befell the SoCal real estate market in 2012.
Prospective buyers of homes for sale in Los Angeles and surrounding areas may benefit from buying soon, as the market continues to improve. While higher home prices may not seem desirable when buying, they do indicate a healthier housing market.
DataQuick reports the median price paid for a home in Southern California in July was $306,000, up 2 percent from the previous month and 8.1 percent higher than July last year, when the median was $283,000. July marked the highest median price in the area since September 2008, as prices have been increasing for the last six months.
A lower inventory of foreclosures and short sales has allowed home prices to increase after months of being suppressed, making the market good for both buyers and sellers. The data firm notes there has also been a higher demand for high-end homes for sale in Los Angeles, boosting the median price of homes sold.
In July, 20,588 homes were sold in southern California, down 6.7 percent from the month before but 13.8 percent more than in July 2011, when there were 18,090 new and resale homes sold.