Southern California Home Prices At Seven-Year High For August

Sep 12, 2013 | Updated Nov 16, 2013

Southern California home prices hit a seven-year high for the month of August, according to data released Thursday by San Diego-based DataQuick.

The median sale price was steady compared with June and July, but rose 24.6 percent from a year earlier, marking the eighth consecutive month with a year-over-year gain of more than 20 percent.

DataQuick noted there were strong sales in the above $300,000 mark that compensated for a decline in lower-priced sales as well as fewer cash and investor purchases.

The median price for all new and resale houses and condos sold in Ventura, Los Angeles, Orange, Riverside, San Bernardino and San Diego counties last month was $385,000, the same as June and July. In Ventura County the median remained $450,000, the same as the previous two months.

Last month's sales were 12.8 percent below the average number of sales -- 26,452 -- in the month of August since 1988, when DataQuick's statistics begin. August sales have ranged from 16,379 in August 1992 to 39,562 in August 2003.

The $385,000 median over the past three months is the highest since April 2008, when the median was also $385,000.

The median price has risen on a year-over-year basis for 17 consecutive months. ___

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