Southern California Home Sales for June 2012
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DQ News reported that homes sold in Southern California rose for sixth consecutive month to 22,075 for June 2012. This number was down .5% from May 2012, but up 7.5% from the 20,532 sold in June 2011.
True, Southern California sales rose 7.5% from a year earlier, but most of the uptick came in the price segments above $250,000. The volume of lower priced transaction were restrained due lower inventory of distressed sales and especially foreclosures.
Median price was up 1.7% to $300,000 from the $295,000 in May and up 5.3% from June 2011. This is the highest median since it was $300,000 in June 2011. The median is still 40.6% lower than the Southern California peak of $505,000 in mid 2007, but this is 21.5% higher than the low point of this cycle in April of $209,000.
Higher demand and less inventory are at work here, but a couple of other trends should be noted. There has been a significant drop in the percentage of sales that are foreclosures and a much higher percentage of sales have been in the higher priced coastal markets. Coastal San Diego, Orange, Los Angeles and Ventura Counties represented 71% of sales, up from 68% for June 68%
“The June numbers look pretty good at first glance, but they’re more mixed when you scratch beneath the surface. Yes, the median sale price rose again. But it’s clear this has a lot to do with changes in the types of homes selling, rather than across-the-board price appreciation. Fewer of the homes selling now are foreclosures, while more are nice houses in mid- to higher-end neighborhoods. June sales were stronger than a year earlier, but they were also around 20 percent below average for that month,” said John Walsh, DataQuick president.
Distressed sales were 42.2% of the total resale market, which is comprised foreclosures at 24.5% and short sales at 17.7%.
The southern California market is recovering slowly, but restrained by continued economic problems nationally and at the California state level
http://dqnews.com/Articles/2012/News/California/Southern-CA/RRSCA120717.aspx
| Sales Volume | Median Price | |||||
| All homes | Jun-11 | Jun-12 | %Chng | Jun-11 | Jun-12 | %Chng |
| Los Angeles | 6,809 | 7,619 | 11.90% | $318,000 | $325,000 | 2.20% |
| Orange | 2,947 | 3,351 | 13.70% | $445,000 | $453,000 | 1.80% |
| Riverside | 3,960 | 3,832 | -3.20% | $200,000 | $206,500 | 3.30% |
| San Bernardino | 2,598 | 2,565 | -1.30% | $148,000 | $158,000 | 6.80% |
| San Diego | 3,444 | 3,756 | 9.10% | $330,000 | $335,500 | 1.70% |
| Ventura | 774 | 952 | 23.00% | $355,000 | $365,500 | 3.00% |
| SoCal | 20,532 | 22,075 | 7.50% | $285,000 | $300,000 | 5.30% |
