Southland home prices hit new high

With demand continuing to outstrip the supply of homes for sale in May, prices in Southern California rose to a new high, according to DataQuick Information Systems.

The median price that Southland buyers paid for a home in May was a new record of $312,000, up 1.6% from $307,000 for April, and up 18.2% from $264,000 for May last year, reported DataQuick.

Prices were up even as the sales volume slowed from a year ago. A total of 31,387 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 2.3% from 30,675 in April but down 3.1% from 32,391 for May last year.

Foreclosure rates and flipping rates were low. DataQuick also reported that adjustable-rate mortgage usage is low.