Home sales in Southern California held at a seven-year high last month, due largely to a recovering economy, pent-up demand, low mortgage rates and increased consumer confidence.
With inventory low, prices continue to appreciate as buyers scramble for a thin supply of homes.
In Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, a total of 23,034 new and resale houses and condos sold in May. This was a 7.6% increase from the 21,415 sales in April and a 3.8% jump from 22,192 in May 2012, according to DataQuick.
The May sales marked the highest for the month of May since 30,303 Southland homes sold in 2006. However, last month’s sale were still 10.1% lower than the May average of 25,617 sales since 1988.
The median price for all new and existing homes and condos in the six-county Southland area last month reached $368,000, a 3.1% increase from $357,000 in April and a 27% spike from $295,000 in May 2012.
This median price last month was the highest for any month since May 2008, when the median reached $370,000.
To see the full California report, click on the DataQuick press release here.