Housing Prices on the Rise in Southern California

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[Best Syndication News] Housing Prices increased by 10 percent in Southern California. There still is plenty of foreclosures but there is less of them now, which could be part of the reason for the rise in housing prices. February home sales increased from the previous year and the median price that was paid for a house also went up compared to the year before, according to MDA DataQuick.

In Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties there was a total of 15,359 homes sold in February. This stayed almost the same quantity compared to the month of January. The average going back to 1988 is 17,983 homes sold so there still is a lag in housing sale for the area.

Low priced foreclosed properties still are happening but the report says that they are not as big as a year ago.


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“It’s possible the stars won’t line up this way again for many years. With prices and mortgage interest rates this low, the cost of ownership is about as low as we’ve seen it in decades,” said John Walsh, MDA DataQuick president.

The housing prices for Southern California real estate was up last month at $275,000 median average price which was up from $250,000 in the month of January. This was a 10 percent increase in housing prices from January to February.

The report pointed out the dramatic differences in Adjustable Rate Mortgages (ARMs) were at 44.8 percent in Southern California since 2000. While last month the ARMs were only 4.0 percent last month, and this was down from 4.3 percent in January. However ARMs are going back up again, in February 2009 ARMs were only 2.1 percent of the loans.

Foreclosed home sales have dropped considerably. There was 42.3 percent on the housing market for resale last month. In February of 2009 the foreclosed home rates on the real estate market dominated at 56.7 percent of the home sales. Foreclosures remain high, but the numbers are becoming lower.

Flipping real estate, or buying fixing it up and reselling it for a higher price also was also on an upward climb. There was a 3.4 percent increase from 1.6 percent a year ago of these types of home sales.

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