DataQuick published a long press release today covering a truckload of real estate market stats for the Southern California market.
Among them, the one I found most impressive was that San Diego County median home prices climbing more than 21% from May 2012 to May 2013.
As you can see from the table above, San Diego County was trailing the pack with some counties like Los Angeles seeing more than a 30% surge.
Also of note, sales of smaller or less expensive homes are dropping quickly.
Last month the number of Southland homes sold below $200,000 dropped 35.1 percent year-over-year, while sales below $300,000 fell 27.1 percent.
The declines aren’t the result of weak demand. The main problem has been inadequate supply, given many owners can’t afford to sell their homes because they still owe more than they are worth, and because lenders aren’t foreclosing on as many properties.
For move up buyers, the story was quite different.
Home sales rose 30.3 percent year-over-year in the $300,000 to $800,000 price segment – a range that would include many move-up buyers. The number sold for $500,000 or more jumped 46.7 percent from one year earlier, while $800,000-plus sales increased 46.7 percent year-over-year.
In May, 31.3 percent of all Southland home sales were $500,000-plus – the highest level for any month since February 2008, when 34.2 percent of sales crossed the $500,000 threshold. Last month’s $500,000-plus level was up from 30.5 percent of sales in April and 21.9 percent a year earlier.
For the complete set of stats and commentary, be sure to check out the full press release at http://www.dqnews.com/Articles/2013/News/California/Southern-CA/RRSCA130611.aspx.
