The median price on a Southern California home rose 2% from June to July hitting $306,000, research firm DataQuick said Tuesday. That’s the highest median price recorded since September of 2008.
The La Jolla-Calif.-based research firm noted prices in the region also rose 8.1% over last year when the median home value hit $283,000 in Southern California.
Meanwhile, home sales in Southern California fell when evaluating distressed sales at the low-end of the market. This change was counterbalanced by higher transaction activity in the move-up and high-end submarkets, which helped push the area’s median sales price higher.
The Southland region saw 20,588 homes and condos sold in Southern California last month alone, down 6.7% from 22,075 in June, but up 13.8% from 18,090 in July of last year.
Homes sold in the region for less than $200,000 fell 5.8% from a year earlier.
Meanwhile, the number of homes sold in the $200,000-to-$400,000 range rose 13.4% from July 2011 levels.
In addition, sales in the $300,000-to-$800,000 range rose 22% over last year while sales above $800,000 increased 7.2% from July of 2011.
