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Southland Median Home Price Moves Up Again

The median price of a home in Southern California moved up again in the month of August by 2.6% to $275,000, according to real estate research firm MDA DataQuick. But the number of homes sold, although up 11% from August 2008, was down 10.8% from July.

Southern California's median home price climbed for a fourth straight month in August, boosted by investors snatching up homes in distant suburbs and a relative decline in foreclosed homes for sale. The market bottomed out in April at a $247,000 median, the San Diego company said.

UCLA economist Edward Leamer stated that "although home values are still dropping in many neighborhoods, rising home sales and median prices are "all symptomatic of a bottoming out" and the worst days of the housing market are probably over".

Locally, I have seen a continuing strenthening in sales as more and more buyers are recognizing that now is a great time to buy while interest rates are at historical lows and sellers are anxious to sell.

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

Comment balloon 1 commentMaureen Megowan • September 16 2009 06:58PM

Comments

I've written DataQuick many times about how stupid their "Southern California" statistics are. If you go anywhere east of Arizona and Nevada, "Southern California" means Los Angeles, and San Diego is far, far different from Los Angeles, or Imperial County, or Riverside, or Ventura, or... Just where is "Southern California" anyway?

Posted by Not a real person about 9 years ago

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