Monday, August 24, 2009

Median Sales Price for Southern California Rises Again

Southern California home sales for July were 20% lower than July 2008. The median
price of homes for the region rose from June to July, the third consecutive monthly
increase. The median is just one percent above June’s median, but still 22% below
July of 2008.
July home sales across the six counties of Southern California totaled more than
24,000. Still almost 9% lower than the average number of home sales in July since
1988.
The increase in sales can be attributed to the lower prices, lower interest rates,
abundance of FHA backed loans. Foreclosures accounted for about 44% of all sales in
July, the lowest percentage in 13 months. The highest proportion of foreclosures to
home sales was 58% in February.

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