Skip to comments.December home prices jump 19.6% in Southern California
Posted on 01/15/2013 10:34:26 PM PST by ExxonPatrolUs
Southern California's housing market ended the year with sharp gains, rounding out the first solid year of sustained improvement after nearly five years of real estate malaise and helping set up further improvement in 2013.
The region's median home price registered a sizable 19.6% pop in December compared with the same month last year to hit $323,000, real estate firm DataQuick reported Tuesday. A record level of cash buyers flooded into the market and more move-up homes sold last month.
While Southland housing is on the mend, the steep increase in the region's median price last month probably reflects a variety of factors, such as the mix of what sold in December, and the run-up may not continue at that brisk pace, experts said. The median is the point at which half the homes in the region sold for more and half for less.
"There is no possible way that number can be sustained nor should anybody look at that as a long-term trend," said Stuart Gabriel, director of the Ziman Center for Real Estate at UCLA. "We haven't shifted from bust back to bubble, and nobody should think we have, and nor likely will we."
When compared with the prior month, the median was essentially flat, up only 0.6%. San Bernardino and Riverside counties posted the strongest year-over-year increases, up 20.0% and 19.1%, respectively, indicating that the once hard-hit Inland Empire is now probably in recovery.
The median is heavily influenced by the types of homes selling, and some of last month's pricier sales may have been driven by fears of increased tax burdens on the wealthy, as Washington wrangled with the "fiscal cliff" negotiations.
(Excerpt) Read more at touch.latimes.com ...
The bottom of the market was definitely 18 months ago. The days of picking up a $350,000 house on the court house steps or at short sale for $$65,000 are over. Those homes were $125,000 last summer and now have multiple offers at $150,000.
Keep rebounding baby!
All those illegals are generating a housing boom!!!!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.