California Home Sales Surge; Driven by Foreclosures
January 19th, 2009 Posted in Del Mar, La Jolla, San Diego, San Diego Housing MarketCalifornia home sales are up 51% in December from last year as home prices have been driven lower by steady foreclosure activity (MDA DataQuick). 19,926 homes (single family detached and condominiums) sold last month in Los Angeles, San Diego
California home sales
, Riverside, San Bernadino and Orange County - that is up from 13,240 a year ago. The median home price for the Southern California region fell 35% to $278,000.
Foreclosures accounted for 56% of Southern California’s December sales, which is more than double what it was last year. In areas that have been harder hit by mortgage defaults, the percentage is much higher. Foreclosures accounted for almost 70% of sales in Riverside County where median prices have dropped 41% to $209,000. Sales were up 70% (MDA DataQuick).
The coastal regions have remained the strongest throughout the housing downturn. Communities like La Jolla and Del Mar have seen fewer sales as a result of the foreclosure activity, though they have not been immune to defaults.
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