Home sales up in Southern California

Southern California saw an increase in home sales in June, with a total of 23,871 new and resale houses and condos sold in the month, a real estate information service reported on Tuesday.

That was up 7.2 percent from 22,270 in May, and up 2.6 percent from 23,262 in June 2009, according to MDA DataQuick based in La Jolla near Los Angeles.

The median price for a Southern California home was 300,000 dollars last month, down 1.6 percent from 305,000 in May, and up 13.2 percent from 265,000 in June 2009, DataQuick said.

In Los Angeles County, homes sales rose 2.8 percent in June, compared to the same month a year ago, while prices increased 4.7 percent during the same period.

A total of 7,849 homes changed hands locally last month, compared to 7,636 in June 2009. The median price of a home in Los Angeles County in June was 335,000 dollars, compared to 320,000 in the same month a year ago.

"The market was wildly out of kilter a year ago, now it's just somewhat out of kilter," said John Walsh, MDA DataQuick president. "We're still seeing lots of bargain hunting, and we're not seeing much discretionary buying. The single-biggest issue is still mortgage financing. Rates may be at record lows, but that doesn't mean much if the lender won't qualify you."

Source: Xinhua