SoCal housing market holds its ground!

I just read a very interesting article in the L.A. Times and figured to share it with my readers…

Southern California’s housing market held its ground in April, data released Tuesday show, with prices rebounding off their year-earlier lows but sales slipping for the first time in nearly two years as the number of fast-selling foreclosure properties dwindled considerably.

The median price for all Southland houses, town homes and condominiums sold last month was $285,000, a 15.4% increase from the April 2009 bottom, when foreclosures accounted for more than half the resale market. But the closely watched median – the price at which half the homes sold for more money and half for less – was unchanged from March, according to San Diego-based MDA DataQuick.

Sales for the region fell 1% in April compared with a year earlier – the first decline in 22 months – indicating that the Southland’s supply of cheaper, bank-owned properties is tightening when compared with last year’s glut. The month-to-month drop was almost the same, 0.9% compared with March.

“The market’s still taking baby steps on a long road to recovery, trying to find its footing,” MDA DataQuick President John Walsh said. “It’s unclear which of today’s sales characteristics are part of a new reality and which are still temporary turbulence.”

To view the full article please follow this link: Socal Housing Market Holds its Ground

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