California real estate sales rose by about 5 percent last month over the prior year, according to the latest sales figures.
MDA DataQuick, which compiled the statistics, recorded 40,965 single-family home and condo sales across the state compared to only 39,051 in May 2009. The sales peak came in 2004, when about 68,000 homes were sold.
The median price also rose statewide, according to the report. The median home price last month was $278,000, up from $255,000 in April. Compared with last year, the median price rose 20.9 percent, from $230,000. Prices peaked at about $484,000 in 2007.
About 35 percent of the homes sold last month were foreclosed properties, according to DataQuick. Just a year ago, foreclosed property sales represented more than 50 percent of the market. Foreclosure sales reached their highest level in February 2009 when they encompassed about 59 percent of the statewide market.
In Southern California, sales for homes priced at $500,000 or more took a significant portion of total sales reaching about 21.6 percent of homes sold.
“Last month’s jump in the regional median sale price is the flipside of what we saw a year ago, when low-cost inland foreclosures dominated and sales in the costlier coastal towns struggled for a pulse. Today the bargains on foreclosures are fewer and farther between, and the high-end is approaching a normal sales rate,” said John Walsh, MDA DataQuick president.
“The important thing to remember, though, is that what we saw in May was partly driven by government stimulus,” he added. “In the second half of the year the market will have to stand on its own again, barring new forms of government involvement. Prices will be tested if there’s any sudden move by lenders to release a flood of distressed properties.”
The burst in activity in the high-end market pushed the median home sale price in the Southern California market to $305,000 last month.
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Hiya, Will you be publishing a follow-up piece? The hubby and myself have put in some time checking over your blog and surprisingly enough you discussed something i was dealing with only the other week with our son. We quite often hear ourselves arguing over the littlest of points, isn’t it foolish?