Southern California June median home price up 7% over May

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

Southern California’s median home price bumped up to $265,000, according to DataQuick. That’s about 7% above May’s level and the first substantial increase since prices peaked in 2007.

DataQuick credits the jump to high-end sellers caving and thus moving sales volume of pricier homes a bit. Foreclosed homes also fell below a majority of homes sold in June, the first time in nine months. They accounted for 45% of sales.

There has been a backlog of foreclosed homes due to various moratoriums. Repossessions are down, but mortgage defaults keep rising. If lenders start to ramp up repossessions, the market share of foreclosed homes could go up again.

— Peter Y. Hong