February Home Price and Sale Statistics Are In

Some the Southland’s February housing market indicators are the same as January’s, according to Dataquick’s March 17th release. Median prices stayed about the same, as did the number of homes sold.
However, John Walsh, the president of MDA DataQuick, says that, “The market is so tilted away from normal mainstream activity that it’s impossible to generalize or predict based on the atypical patterns we’re seeing. That means that normal demand and supply is building up. The floodgates could open once mortgage credit starts to open up.”
According to Dataquick’s report, the lower end of the market accounts for majority of sales, with the higher end market languishing.

Foreclosures Push Price Down 38%

Although home sales increased 17.5 percent in June in California compared with the same period a year ago, the median price of an existing home fell 37.7 percent, the California Association of Realtors® reported recently.
“Statewide home sales remained above the 400,000 level for the said C.A.R. President William E. Brown. “Following a 30-month string of year-to-year percentage decreases that began in October 2005, sales during June also posted their third consecutive year-to-year gain.
“Sales were driven in part by large shares of deeply discounted distressed sales in many parts of the state,” he said. “With lower prices and favorable interest rates, affordability also has improved significantly in recent months, paving the way for many buyers to purchase their first home,” Brown continued.