By Allison Ferraro
Southern California home sales rose sharply in October as buyers joined investors, shifting the mix of homes selling up a notch as foreclosure resales hit a five-year low, according to DataQuick, a real estate research firm out of La Jolla, CA.
The median price paid for a home rose nearly 17% from a year earlier, a real estate information service reported. Last month?s sales were the highest for the month of October 2009, though they were 11.1% below October 1988.
The rise in prices, according to DataQuick was due to higher demand, triggered by ultra-low mortgage rates compared to a lower supply of homes on the market. Additionally, foreclosures were a smaller share of sales, while move-up homes are a larger share, raising the median price.
Locally, the median price for a single-family home mirrored this trend. Median prices in the Echo Park area (90026) rose 16% in October?to $533,000?compared to the same time last year.
Los Feliz saw similar gains. In October 20 homes were reported sold, at a median price of $894,000?up 11.8% from a year ago.
Silver Lake median prices were also higher, 8.4%. In October the median price for a home was $565,000.
Home prices in October in the Hollywood Hills (90068) were also higher, 11.9% compared to last year, for a median price of $865,000.
Median prices for condominimums locally, however, were mixed.
Median prices for condos rose in Los Feliz and the Hollywood Hills, 10.5% and 8.6% respectively. Silver Lake condos, however, saw a decline in price of 10.5%.
?
Source: http://www.losfelizledger.com/2012/11/real-estate-median-home-sales-rise-in-so-cal-and-locally/
spinal muscular atrophy brooklyn nets may day protests tony nominations 2012 facebook organ donor jessica simpson gives birth carrie underwood blown away
No comments:
Post a Comment