Southland Median Sale Prices Inch Up for First Time since July 2007 6/22/2009
Monday, June 22, 2009

Southern California home sales rose for the 11th consecutive month in May as sales of $500,000-plus homes started to come back. The median price paid increased slightly from the prior month for the first time since July 2007, the result of a shift in market activity where sales of deeply discounted foreclosures waned and mid- to high-end purchases rose, according to DataQuick, a real estate information service. Foreclosure resales homes sold in May that had been foreclosed on in the prior 12 months accounted for 50.2 percent of all Southland resales. That was down from 53.5 percent in April and from a peak of 56.7 percent in February. May's figure was the lowest since foreclosure resales were 50.9 percent of all resales last October.