In September Southern California Home Sale Prices Decreased
According to a recent report on DQNews.com, Southern California home sale prices in September decreased more than August, but still remain above a year earlier as “sales gains for mid- to high-priced properties compensated for declines in sub-$300,000 activity.” The articles goes on to state that the, “median sale price remained 21 percent higher than a year earlier, but after holding steady for three months the median dipped month-to-month in September for the first time since February.”
What does this exactly look like? In total the article stated that, “19,112 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties” in September. This was a decrease of 17.1% compared to August numbers, but a 7% increase from sales in the same month last year.
In addition the article went on to show that the “median price paid for all new and resale houses and condos sold in the six-county region last month was $382,000, down 0.8 percent from $385,000 in August and up 21.3 percent from $315,000 in September 2012. The $385,000 median in June, July and August was the highest in more than five years.”
As you can see, the median price of homes has risen each year for 18 consecutive months. In fact, “those gains have been double-digit – between 10.8 percent and 28.3 percent – over the past 14 months, and they have been greater than 20 percent for the last nine months.”
The Southern California housing market has seen normal downshifting. Combine that with the rise in inventory, increased mortgage rates and the gradual decline of purchases by investors and cash buyers, it only makes sense we are seeing prices level off in the recent months.
The article also states that, “it appears that most of last month’s 21.3 percent year-over-year increase in the Southland median sale price reflects rising home prices, while a small portion reflects a change in market mix. (This mix change consists of a big increase in mid- to high-end sales over the last year and a big decline in sales of lower-cost distressed properties.)”
While we are seeing this in the overall marketplace, the “housing sales activity in the middle and upper price ranges continues to far outpace sales in the more affordable markets.” In September, the number of homes reported sold in the $300,000 to $800,000 range rose 25.5%. The number that sold for $500,000 or more saw an increase of 42.1% from 2012. And the $800,000 plus rose 43.4%. In addition, “in September, 32.7 percent of all Southland home sales were for $500,000 or more, down from a revised 33.3 percent of sales the month before and up from 23.9 percent a year earlier.”
In summary, market distress is on the decline and the housing industry is seeing some stability making it the perfect time to consider buying or selling your property.
[table type=”standard_minimal”]
[trow]
[thcol]Location[/thcol]
[thcol]Sep. 12 Sales Vol.[/thcol]
[thcol]Sep. 13 Sales Vol.[/thcol]
[thcol]Sales Vol. % Change[/thcol]
[thcol]Median Price Sep. 12[/thcol]
[thcol]Median Price Sep. 13[/thcol]
[/trow]
[trow]
[tcol]Los Angeles[/tcol]
[tcol]6,188[/tcol]
[tcol]6,496[/tcol]
[tcol]5.00%[/tcol]
[tcol]$340,000[/tcol]
[tcol]$425,000 [/tcol]
[/trow]
[trow]
[tcol]Orange[/tcol]
[tcol]2,677[/tcol]
[tcol]2,916[/tcol]
[tcol]8.90%[/tcol]
[tcol]$450,000[/tcol]
[tcol]$550,000[/tcol]
[/trow]
[trow]
[tcol]Riverside[/tcol]
[tcol]2,920[/tcol]
[tcol]3,141[/tcol]
[tcol]7.60%[/tcol]
[tcol]$212,500[/tcol]
[tcol]$269,000[/tcol]
[/trow]
[trow]
[tcol]San Bernardino[/tcol]
[tcol]2,044[/tcol]
[tcol]2,358[/tcol]
[tcol]15.40%[/tcol]
[tcol]$170,000 [/tcol]
[tcol]$225,000[/tcol]
[/trow]
[trow]
[tcol]San Diego[/tcol]
[tcol]3,214[/tcol]
[tcol]3,383[/tcol]
[tcol]5.30%[/tcol]
[tcol]$350,000[/tcol]
[tcol]$422,000[/tcol]
[/trow]
[trow]
[tcol]Ventura[/tcol]
[tcol]816[/tcol]
[tcol]818[/tcol]
[tcol]0.20%[/tcol]
[tcol]$374,750[/tcol]
[tcol]$445,000 [/tcol]
[/trow]
[trow]
[/table]
Source: DQNews.com
Copyright 2013 DataQuick. All rights reserved.
No Comments