Homes sales up in Southern California, prices continue to improve

Despite rising home prices, which economists predicted would prevent consumers from purchasing homes for sale in Los Angeles and other large cities, a new report from DataQuick shows home sales were up in October.

Data from the report shows 21,075 new and resale homes and condos sold in Southern California, up 18 percent from the 17,859 completed transactions in September. An improving economy may also be responsible for the 25.2 percent improvement in sales when compared to October 2011.

The median price of properties sold was also up 17 percent on a year-over-year basis, reaching $315,000 indicating the local housing market is becoming more stable. This median matched the previous month’s, however it is significantly higher than a year ago when the median price or sold homes and condos in Southern California was $270,000. Increasing prices will also likely prompt current homeowners to list their estates with more confidence in their ability to sell at a desirable price.

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