February home sales in Southern California reached their highest point in six years, according to a recent report from DataQuick.
While the median sales priced inched down slightly from January, it was up nearly 21% from a year earlier, representing the 11th straight month in which the median has shown growth year-over-year, according to DataQuick.
Down 0.7% from 16,058 sales in January, total sales in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties reached only 15,945 in February. This was up 1% from 15,780 sales in February 2012.
February sales totaled 17,680 units, the highest recorded level since February of 2007. However, sales last month were still 9.9% below the February average of 17,696 sales.
"Our January and February stats certainly indicate housing remains a big target for investors. But typically those two months don't offer much insight into how the market will behave the rest of the year," said John Walsh, DataQuick president.
Walsh says March and April will offer a better view of how broader market trends are shaping up this year.
"One of the real wild cards will be how many more homes go up for sale," Walsh said. "More people who've long been thinking of selling will be tempted to list their homes at today's higher prices. Fewer people will be underwater and therefore could at least break even on a sale. Some investors who've held for a while will consider cashing in. A meaningful rise in the supply of homes on the market should at least tame price appreciation."