California Home Sales: Home Prices Soar Across Southern California

California Home Sales:
Prices Soar Across Southland

California Home Sales | Costa Real Estate Digest

In this Monday, May 13, 2013 file photo, gardener Jose Lopez trims the front lawn of a home for sale in Alhambra, Calif. U.S. home prices jumped 12.1 percent in April from a year ago, buoyed by strong demand and a limited supply of available homes.
(AP Photo/Nick Ut, File)

California Home Sales Numbers Show Large Jumps
In Both Price And Activity

All across the Southland, the California Home Sales market is posting some really impressive numbers. Prices are way up, as anyone with any knowledge will tell you, but activity has increased as well. In the San Fernando Valley the median price of a home increased by 39% in May of thixs year over last year.

The good news is not restricted to resale market. Sales of new homes posted their highest rates in five years. 

Here's the complete run down on California home sales from Gregory J. Wilcox in the Los Angeles Daily News

California Home Sales: Home Prices Soar Across Southern California

Prices in the Los Angeles metro area are up 19 percent from a year ago, according to a widely watched index released Tuesday. … In the San Fernando Valley, the median price of a previously owned home soared a record 39 percent in May and cracked the half million mark again, a trade group said. … And San Bernardino County’s median price jumped 28 percent last month, according to market tracker DataQuick…."
http://www.dailynews.com/news/ci_23538778/home-prices-soar-across-southern-california

  Are California Home Sales Numbers Bubble-Bound?

Some analysts have begun to worry that, with such good numbers posted recently, the California home sales market might be in the beginnings of another "bubble" experience. Actually, the fundamentals of the market are solid and so are the "technical" indicators. We should expect a slow down to the rise in prices and activity to begin to kick in within the next couple of months, but that will be normal and healthy market adjustment activity. Those who are seeing "bubble activity" in the California home sales market at this point, may be getting a bit "overblown" themselves.
 

California Home Sales.

California Home Sales: Median Price Sees Largest Jump In 33 Years

California Home Sales:
Median Price Sees Largest Jump In 33 Years

California Home Sales | Costa Real Estate Digest

In May 2013, homes costing $500,000 or more accounted for 35.4 percent of sales in California, up from 24.6 percent a year ago. (Keith Birmingham/LA Daily News)

At Least 34.5% Of California Home Sales In May
Were $500K And Up

More good numbers in California home sales in May were just reported. The California Association of Realtors reports that the state's median home price increased to $417,350 from $316,460 in May 2012. This is an increase of 34.5% over may of last year, and that's the largest year-over-year jump since February of 1980. Additionally, the percentage of sales over $500K increased.

Here's a Video from the National Association of Realtors with some good numbers from a couple of weeks ago:


More currently still, here's an article from Gregory J. Wilcox in the Los Angeles Daily News with those numbers and a lot more:

California median housing price increases by most in 33 years

"The median price of a previously owned house in California soared 31.9 percent in May, the largest year-over-year increase in more than three decades as sales of more expensive properties increased and inventory remained tight …"
http://www.dailynews.com/news/ci_23480624/california-median-housing-price-increases-by-most-33


Other Factors Also Support California Home Sales

There are other good things going on in the California Home Sales market as well. The market numbers are currently being supported by fewer REO sales and continuing low interest rates. Good news in the coming months can be supported by the fact that Buyers are using more conventional financing strategies and are also investing higher down payments than they have previously.

California Home Sales.
 

San Fernando Valley Home Sales Prices Rise In April

San Fernando Valley Home Sales:
Prices, Activity Rise From
Last Year's Numbers

San Fernando Valley Home Sales | Costa Real Estate Digest

Good Numbers Support
San Fernando Valley Home Sales Market

In April of this year the San Fernando Valley home sales market posted good numbers as both sales activity and prices increased over last year at this time. The average price in the area has been over $400K every month this year as prices were buoyed by reignited interest in the market combined with low inventory.

Here's an article from Gregory J. Wilcox in the Los Angeles Daily News with all the numbers:

San Fernando Valley home sales, prices rise in April

"Last month the median price of a previously owned house increased 15.3 percent to $460,000 from $399,000 a year earlier, said the Van Nuys-based Southland Regional Association of Realtors. The median also rose $30,000 from $430,000 in March."
http://www.dailynews.com/news/ci_23349778/san-fernando-valley-home-sales-prices-rise-april

Numbers Indicate A Good Summer Buying Season For
San Fernando Valley Home Sales Market

We are now entering the traditional "Selling Season" for the San Fernando home sales market, and for California home sales as a whole. Buyers know that the inventory is now at the highest it will probably be for the year, so now is the time they'll have the most choice. Traditiionally, people prefer to move in the summer when most schools are out. The year-round school areas have dampened this effect somewhat, but not greatly as most all schools do have some period of time off in the summer.

Put this all together and we can expect some good numbers in San Fernando Valley home sales as well as other regional areas during the next coming months.

San Fernando Valley Home Sales.

California Home Sales: Foreclosed Home Sales Decline In California

California Home Sales:
Foreclosures Decline Again

California Home Sales | Costa Real Estate Digest

California Home Sales Numbers Show Foreclosures Down While Prices Climb Again

RealtyTrac shows more good numbers for the California home sales market. The first quarter of 2013 shows that foreclosed properties made up 30% of the market, down from 40% a year ago.

Here's an article from "The Westside Story" that will fill you in on the numbers:

Foreclosed Home Sales Decline in California

"The number of foreclosed home sales in the state of California went down while the median sales price increased. The news came from Realty Trac, a real estate tracking service. The firm said 30 percent of California sales in the first quarter of 2013 …The Westside Story"
http://www.thewestsidestory.net/2013/05/31/foreclosed-home-sales-decline-in-california/

Rising Prices In California Home Sales Market Help Some Avoid Foreclosure

Some homeowners who were looking at foreclosure have been assisted out of their situation by rising prices. They were either able to re-finance or sell their homes because they now had equity as the price floor rose beneath them. There are stiill a lot of foreclosures in the California home sales market. In fact, the state is still #3 of the states with the highest percentage, but the numbers are moving in the right direction.

California Home Sales.