Los Angeles and Southern California Home Sales for December 2012

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A total of 20,274 new and resale houses and condos sold in December 2012, which is up 5.1 percent from the 19,285 in November 2012 and up 5.3 percent from the 19,247 sold in December 2011.  Sales were still 17.2 percent below the December average of 24,488 so there’s still room to grow.

Median price is up almost 20% from a year ago fueled by a big reduction in distressed sales and more activity in higher priced markets.  There’s also a record level of cash buyers.  December’s median price was $323,000 last month and that’s up .6 percent from November 2011 and 19.6 percent from December 2012.  The Southern California media price has risen for 11 consecutive months and year over year for nine consecutive months.

“The housing market had more to offer in 2012 than many anticipated. A lot of markets not only found a price bottom as foreclosures waned but they started to see their first meaningful gains in nearly two years. Buyers on the fence were drawn back into the housing game by amazingly low mortgage rates, a brighter jobs outlook and, in some cases, a renewed sense of urgency,” said John Walsh, DataQuick president.

“Last year should also be remembered as the year the move-up market awoke. If these upward trends hold, which requires a sustained economic recovery, we should eventually see more inventory hit the market. More would-be sellers will be satisfied with what their homes can fetch, and fewer people will owe more than their homes are worth, freeing them up to move. The rise in inventory would at least tame price appreciation.”