California's median home sale price jumps 11.2% in February
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Chad Wootton scans descriptions of homes for sale in the window of a Los Angeles real estate agency.
California's median home price rose a robust 11.2% in February from the same period a year ago as fewer foreclosure properties sold, while the number of homes sold fell 3.8%.
The median price paid for a home in the Golden State was $249,000 in February, up from $224,000 for the same month a year ago and from $247,000 in January, a 0.8% month-to-month increase, San Diego research firm MDA DataQuick reported Thursday.
It was the fourth consecutive month that the median -- the price at which half the sales are higher and half lower -- increased on a year-over-year basis, DataQuick said.
The increase reflects a change in the sales mix with more homes sold in higher-priced areas and fewer lower-end or bank-owned homes selling, said Richard Green, director of the USC Lusk Center for Real Estate.
"We started seeing sales come back in the least-expensive areas with investors buying at very low prices with cash," Green said. "As the mix changes to include more higher-cost areas and a smaller share in lower-cost areas, that will make it look like prices are going up too."
DataQuick reported that 28,111 homes sold statewide in February, down 3.8% from the previous February and up 0.9% from the month before.
It was the fourth consecutive month that the median -- the price at which half the sales are higher and half lower -- increased on a year-over-year basis, DataQuick said.
The increase reflects a change in the sales mix with more homes sold in higher-priced areas and fewer lower-end or bank-owned homes selling, said Richard Green, director of the USC Lusk Center for Real Estate.
"We started seeing sales come back in the least-expensive areas with investors buying at very low prices with cash," Green said. "As the mix changes to include more higher-cost areas and a smaller share in lower-cost areas, that will make it look like prices are going up too."
DataQuick reported that 28,111 homes sold statewide in February, down 3.8% from the previous February and up 0.9% from the month before.
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