According to a recent article in the Los Angeles Times, indications are that Southern California home prices are up as of December 2013. Southern California’s median price* hit $395,000 after being flat for six months. The increase is a 2.6% gain over November and a 22% gain from the same period last year.
According to experts, the market recovery has continued to normalize. The number of sales from foreclosures and short-sales has declined over the last year. Additionally, new home starts and new home sales have increased as well. Experts predict that prices will increase through 2014 at a measured pace.
According to DataQuick, much of the increase is due to the increase in sale of costlier properties, which statistically push up the median, when the increase in costlier homes outstrips the sales of lower-cost homes. The sales of homes in the lower ranges are hampered by the lack of inventory in those price ranges.
December Sales in Los Angeles County:
|# sold 12/2012||# sold 12/2013||Change from 12/2012||Median Price 12/2012||Median Price 12/2013||Change from 12/2012|
Source: DataQuick (via Los Angeles Times)
*Median price is the price at which half the homes sell higher and half the homes sell lower.