[Real Estate] Median Home Sales Rise in So Cal And Locally ? Los ...

By Allison Ferraro

Southern California home sales rose sharply in October as buyers joined investors, shifting the mix of homes selling up a notch as foreclosure resales hit a five-year low, according to DataQuick, a real estate research firm out of La Jolla, CA.

The median price paid for a home rose nearly 17% from a year earlier, a real estate information service reported. Last month?s sales were the highest for the month of October 2009, though they were 11.1% below October 1988.

The rise in prices, according to DataQuick was due to higher demand, triggered by ultra-low mortgage rates compared to a lower supply of homes on the market. Additionally, foreclosures were a smaller share of sales, while move-up homes are a larger share, raising the median price.

Locally, the median price for a single-family home mirrored this trend. Median prices in the Echo Park area (90026) rose 16% in October?to $533,000?compared to the same time last year.

Los Feliz saw similar gains. In October 20 homes were reported sold, at a median price of $894,000?up 11.8% from a year ago.

Silver Lake median prices were also higher, 8.4%. In October the median price for a home was $565,000.

Home prices in October in the Hollywood Hills (90068) were also higher, 11.9% compared to last year, for a median price of $865,000.

Median prices for condominimums locally, however, were mixed.

Median prices for condos rose in Los Feliz and the Hollywood Hills, 10.5% and 8.6% respectively. Silver Lake condos, however, saw a decline in price of 10.5%.

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This entry was posted on Thursday, November 29th, 2012 at 7:00 am and is filed under Su Casa Real Estate. You can follow any responses to this entry through the RSS 2.0 feed.

Source: http://www.losfelizledger.com/2012/11/real-estate-median-home-sales-rise-in-so-cal-and-locally/

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