June So. California Home Sales Highest Since 2006

DQNews---"Southern California’s housing market continued its slow crawl toward normalcy in June as sales volume rose and the median price slipped back a notch from May, but remained 13 percent higher than a year ago. Red-hot, fire-sale deals continued to give way to mere bargains in the lower- cost inland markets where first-time buyers and investors have competed fiercely.  Highlights include:

1. A total of 23,871 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 7.2 percent from 22,270 in May, and up 2.6 percent from 23,262 for June 2009 (see chart).

2. The sales count was the highest since July last year when 24,104 homes were sold. It was the strongest month of June since 2006 when 31,602 homes sold. The average June since 1988 has had 28,086 sales.

3. The median price paid for a Southland home was $300,000 last month. That was down 1.6 percent from $305,000 in May, and up 13.2 percent from $265,000 for June 2009 (see chart). The low point of the current cycle was $247,000 in April 2009, the high point was $505,000 in mid 2007.

4. Foreclosure resales accounted for 33.0 percent of the resale market last month, down from 33.9 percent in May, and down from 45.3 percent a year ago (see chart). The all-time high was February 2009 at 56.7 percent."

MP: More evidence of a continuing recovery in the California real estate market with June sales exceeding both May 2010 and June 2009 and reaching a four-year high for June, median home prices are above a year ago by 13.2%, and ongoing declines in foreclosures as a share of total sales.  Record-low mortgage rates likely also played a role, and will continue to support the real estate recovery in Southern California.