Southern California New and Resale Home Sales for February 2013

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DQ News reports that a total of 15,945 new and resale homes sold in February 2013.  That was down .7 percent from the 16,058 in January, but up 1 percent from the 15,780 sold in February 2012.  It’s typica for January and February’s sales to be about the same.

Median price was down .3 percent to $320,000 from $321,000 in January and up 20.9 percent from February 2012.   The median price has fallen slightly since December’s $323,000.  The median price has risen year over year for the last 11 months.  Some of the increase can be attributed the strengthening higher end market.

The move up markets show major sales gains from a year ago.  Homes closed for between $300,000 and $800,000 increased 33.4 percent year over year.  $500,000 or more increased 54 percent from the previous year.  $800,000 was up 62.7 percent.

Foreclosures continue to fall and are now 15.8 percent of the sales mix from 32.6 percent a year ealier.  That’s the lowest since September 2007.  Short sales also have fallen to 22 percent of resales last month from 26.9 percent in February 2012.

“Our January and February stats certainly indicate housing remains a big target for investors. But typically those two months don’t offer much insight into how the market will behave the rest of the year. These are sales that closed in January and February, meaning many of the buyers were out home shopping during the holiday season late last year. That’s when many traditional buyers and sellers drop out of the market, leaving a relatively high concentration of very motivated market participants, especially investors,” said John Walsh, DataQuick president.

“March and April will offer a better view of how broader market trends are shaping up this year. One of the real wild cards will be how many more homes go up for sale. More people who’ve long been thinking of selling will be tempted to list their homes at today’s higher prices. Fewer people will be underwater and therefore could at least break even on a sale. Some investors who’ve held for a while will consider cashing in. A meaningful rise in the supply of homes on the market should at least tame price appreciation.”