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Southern California housing market strengthens in December

Alejandro Lazo The Los Angeles Times
Southern California housing market strengthens in December - United States - California - housing market


In a typically sluggish month, the median sale price rises 4% over the same period a year ago. It's the first time in two years that the measurement registered a year-over-year increase.



Southern California's housing market posted strong gains in the typically sleepy month of December, with the median price paid for a Southland home rising 4% from the same month a year earlier, according to data released today.

It was the first time in more than two years that the closely watched median sale price -- the level at which half of the homes are sold at higher prices and half at lower prices -- registered a year-over-year increase, and it was the eighth month in the row in which prices have either risen or held pat.

The median for all homes and condos sold in Southern California was $289,000, up 1.4% from $285,000 in November and up 4% from $278,000 a year earlier. The last time the median increased year-over-year was in August 2007, when it rose 2.7% to $500,000, near its peak, according to MDA DataQuick of San Diego.

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