Tuesday, January 19, 2010

Even SoCal Prices Are Rising

The median home price in Southern California posted its first year-on-year gain last month since the summer of 2007, as more high-priced homes in relatively expensive neighborhoods continued to enter a market that had been dominated by lower-end sales, a tracking firm said Tuesday.

San Diego-based MDA DataQuick said the median home price in the six-county region of Southern California was $289,000 in December, up 4 percent from $278,000 in December 2008. The price also represented a roughly 1 percent bump up from November's $285,000 median.

The sales of higher value homes, combined with a leveling off of prices in more affordable inland communities, had pulled the median out of the monthslong nosedive seen following the market's collapse.

The market out there has been very challenging over the last 12 months, so it's an encouraging sign if this market is now showing signs of improvement.

Information provided by:

Kevin Dowd
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com

Has the market stabilized?

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