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Home prices and sales rise in July

Posted: August 17, 2012 5:16 p.m.
Updated: August 17, 2012 5:16 p.m.
 

 

Southern California homes sales rose for the seventh consecutive month in July over sales levels in 2011, DataQuick reported this week.

Median prices also rose 2 percent from June, the San Diego-based research firm reported. The median price paid for a home in the six-county region rose to $306,000 last month, up 8.1 percent from July 2011.

“Even adjusting for changes in market mix, there’s growing evidence prices have crept up in areas where more demand has met a shrinking number of homes for sale,” said John Walsh, DataQuick president.

The median price has risen month-to-month for six consecutive months and increased year-over-year for the past four, the firm said. July’s median was the highest since the median September 2008.

Statewide, home sales dropped 3.7 percent from June, although they were up 13.9 percent from July 2011. However, a drop in summer sales from June to July is normal, reported DataQuick.

Median home prices in the state were up 2.6 percent from June, and up 11.5 percent over July 2011. Last month’s statewide median was also the highest for any month since September 2008.

Even the wealthy have jumped back into the home-buying market. The number of Golden State homes sold for $1 million or more rose last quarter to its highest level in almost five years, Walsh said. Last quarter’s $1 million-plus sales were the highest since third-quarter 2007.

 

 

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