Wednesday, June 4, 2008
SAN DIEGO - Home sales surged 22 percent in April in Southern California as bargain hunters bought lower-end houses in areas were hit hardest by foreclosures, according to a firm's research. Sales of new and resale homes and condos reached 15,615 in April, up from 12,808 in March and the highest monthly total since August.
The monthly increase of 22 percent in the six-county region is well above the average gain of only 1.2 percent from March to April, homes under $500,000 accounted for two-thirds of the monthly gain and Riverside County, the firm calls the 'epicenter' of foreclosures and price declines in Southern California, posted the region's only annual sales increase, its first in two years.
April's median home price in Southern California was $385,000, down 24 percent from $505,000 in April 2007. Despite the sales surge since March, April sales were down 19 percent from 19,269 in the same period last year, marking the weakest April tally since 1995. "We continue to look for evidence of a sales bounce in the mid-priced and higher-end markets along the coast," the firm's president said.
The monthly increase of 22 percent in the six-county region is well above the average gain of only 1.2 percent from March to April, homes under $500,000 accounted for two-thirds of the monthly gain and Riverside County, the firm calls the 'epicenter' of foreclosures and price declines in Southern California, posted the region's only annual sales increase, its first in two years.
April's median home price in Southern California was $385,000, down 24 percent from $505,000 in April 2007. Despite the sales surge since March, April sales were down 19 percent from 19,269 in the same period last year, marking the weakest April tally since 1995. "We continue to look for evidence of a sales bounce in the mid-priced and higher-end markets along the coast," the firm's president said.
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@ 4:39 AM
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