Southern California median real estate home sales surges in June
July 21st, 2009 Categories: Real Estate Tools
Southern California home prices may have finally hit bottom, with median values rising last month for the first significant increase in two years, new data show.
Along with the 6.4% rise in prices from May, fewer than half of the sales were foreclosures — the first time that has happened in nine months.
“I think we can now say with fair degree of confidence the pace of real home price declines has slowed dramatically,” said Los Angeles economist Christopher Thornberg, who was an early predictor of the housing bubble.
But Thornberg and other analysts cautioned that the housing market remained wobbly and prices wouldn’t rise substantially in many neighborhoods for months or even years. The median price of $265,000 is far below the 2007 peak of $505,000.
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