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Southern California Home Sales Hit 7 Year High

According to DataQuick, in a report released on Tuesday, said a total of 21,415 houses and condos sold in the southern counties of Los Angeles, San Diego, Ventura, Riverside, Orange, and San Bernardino, an increase of 4.1 percent from March and 9.5 percent from April 2012.

The median price paid for all new and resale houses and condos in the region was $357,000, up 3.3 percent from March and 23.1 percent from the median of $290,000 in April 2012.  This was the highest median price since June 2008 when it was $360,000.  DataQuick said the dramatic price increase was reflective of home price appreciation, a simultaneous plunge in foreclosure resales, and a surge in mid and up-market home sales as buyers sought to move up.

John Walsh, DataQuick president said that this is a market that is still re-balancing. Sales of deeply discounted properties in affordable neighborhoods are way down. Activity in middle and high-end communities is on its way up. Now it’s catch-up time, with a healthier economy spurring more demand and rising prices tempting more people to put their homes up for sale.

With rising prices, are homes still inexpensive?  Comparatively speaking, the answer is “yes.”  In 2008, interest rates were around 6%.  Today, rates are around 3.5%.  Today’s payments are almost 20% less than what home buyers were paying in 2008.

If you plan to buy a home in 2013 or 2014, consider moving up your time frame.  Beyond the cliché, it really is a good time to buy. Get started by seeing how much home you can afford. Call us today.  We are here to help.

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