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Southland home sales outpace last year; median price steady
March 30th, 2009 7:48 AM
Southland home sales stayed above year-ago levels for the eighth consecutive month in February as the median price halted its month-to-month decline for the first time in ten months. Market activity was dominated by bargain-hunting in affordable neighborhoods while buying and selling in more expensive established areas remained largely on hold, a real estate information service reported.

A total of 15,231 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was essentially unchanged from 15,227 for January, and up 41.3 percent from 10,777 for February 2008, according to MDA DataQuick of San Diego.

Sales have increased on a year-to-year basis since last July. February a year ago was the slowest February in DataQuick's statistics, which go back to 1988. The February average is 18,120.

Regionwide, foreclosure resales accounted for 56.4 percent of February’s resales activity, which was the same as the revised January figure and up from 36.2 percent in February 2008.

The median price paid for a Southland home was $250,000 last month, the same as in January. That was down 38.7 percent from $408,000 for February a year ago. The median peaked at $505,000 in mid 2007.

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Posted by David Moore (VA#5000929) on March 30th, 2009 7:48 AMPost a Comment

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