September 2012 Report: Median home price in Southland climbs as supply is squeezed.
The median price in September was up 1.9% from August and 12.5% from a year earlier to hit $315,000, the highest since August 2008.
October 13, 2012
- Southern California's median home price climbed in September to a high not seen in more than four years as sales declined and foreclosure deals plummeted, the latest sign that the housing business is becoming increasingly competitive.
- Foreclosed homes made up just a sixth of the Southland's resale market last month, the lowest level in nearly five years and a major reason that the area's housing market has snapped back so rapidly, real estate firm DataQuick reported Friday.
- The decline in foreclosures and other affordably priced homes comes as record low mortgage interest rates have sparked strong demand for housing.
- "Right now, inventory is down 40% or 50%, depending on where you are in L.A., so people are going crazy — they can't find anything to buy!
- Sales in Southern California declined in September for the first time in nine months as the region experienced a shortage of affordable properties listed for sale, DataQuick said. Sales fell 20.4% from last year and were down 1.6% from August, with a total of 17,859 newly built and previously owned homes bought across the region.
- Competition for lower-priced homes in California is so hot that the number of cheaper homes available for sale has sunk more than 40% in the last year, pushing out many would-be buyers, according to a report by the real estate website Zillow released Thursday.