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DataQuick: SoCal Home Sales, Prices Heat Up in December

The housing market in California's Southland region closed out 2012 with the highest number of December home sales in three years, real estate information company ""DataQuick"":http://www.dataquick.com/ reports.

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According to DataQuick, a total of 20,274 new and resale homes and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino, and Orange counties in December. The month's total was 5.1 percent up from November and 5.3 percent up from December 2011.

While the region usually sees a rise in sales in the last month of the year, December's volume was the month's highest since December 2009, when 22,328 homes sold.

In addition, the median price paid for a home in the Southland was $323,000, up 0.6 percent from November and 19.6 percent year-over-year. According to DataQuick, Southland's median price has risen or held steady month-to-month for 11 consecutive months and has increased on a year-over-year basis for nine consecutive months.

""The housing market had more to offer in 2012 than many anticipated,"" said DataQuick president John Walsh. ""A lot of markets not only found a price bottom as foreclosures waned but they started to see their first meaningful gains in nearly two years. Buyers on the fence were drawn back into the housing game by amazingly low mortgage rates, a brighter jobs outlook and, in some cases, a renewed sense of urgency.""

The rise in median prices was also driven by an increase in sales in mid- to high-cost markets. Home sales between $300,000 and $800,000 (a range that includes many move-up buyers) increased 31.4 percent year-over-year. Sales over $500,000 increased 40 percent year-over-year, while sales over $800,000 rose 36.3 percent.

Lower-cost areas, on the other hand, posted the weakest sales compared to last year. The number of homes sold below $200,000 fell 28.1 percent year-over-year, while sales below $300,000 slipped 18.2 percent. DataQuick attributes the declines to a slowdown in foreclosure activity and high levels of underwater homeowners who can't afford to sell.

The company also reports investor and cash buying was at or near record levels in December, with absentee buyers (mostly investors and second-home purchasers) accounting for 29.1 percent of home sales. Absentee buyers paid a median of $252,750, up 24.8 percent year-over-year.

Meanwhile, buyers paying with cash account for 33.8 percent of home sales, tying November's record.

The most active lenders to Southland home buyers in December were ""Wells Fargo"":https://www.wellsfargo.com/ (with 8.9 percent of the market), ""Prospect Mortgage"":http://www.myprospectmortgage.com/ (with 2.6 percent), and ""IMortgage.com"":http://imortgage.com/ (with 2.4 percent), according to DataQuick.

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