Southern California housing market posts gains in June

Southern California home sales rose and the region’s median price was up in June when compared with the same month last year.

Last month’s sales increase was the sixth consecutive uptick as investors snapped up homes and the move-up market showed increased signs of life. Sales declined 0.5% from May to June but were up 7.5% from June 2011 to total 22,075 homes sold in the six-county region, according to research firm DataQuick of San Diego.

“The June numbers look pretty good at first glance, but they’re more mixed when you scratch beneath the surface. Yes, the median sale price rose again. But it’s clear this has a lot to do with changes in the types of homes selling, rather than across-the-board price appreciation,” DataQuick president John Walsh said in a news release. “Fewer of the homes selling now are foreclosures, while more are nice houses in mid- to higher-end neighborhoods. June sales were stronger than a year earlier, but they were also around 20% below average for that month.”

The region’s median sales price was up 1.7% from May and 5.3% from June 2011 to hit $300,000.

RELATED:

KB Home narrows loss to $24 million

California lawmakers pass foreclosure legislation

San Bernardino County weighs using eminent domain to fight foreclosures