Home Prices Show Slight Uptrend

A recent report from Data Quick confirmed the continued trend in home prices increasing, albeit by $5,000 in the Inland Empire. Nevertheless, they are still in an uptrend, month over month. Over an annual basis, they are still record a significant drop in price. This increased activity and pricing could be contributed to the steady release and purchase of foreclosures by banks and investors.

	Sales Volume			Median Price
All homes	Aug-08	Aug-09	%Chng	Aug-08	Aug-09	%Chng
Los Angeles	6,138	7,189	17.1%	$380,000	$329,500	-13.3%
Orange	2,713	2,790	2.8%	$440,000	$427,750	-2.8%
Riverside	4,078	4,145	1.6%	$247,450	$190,000	-23.2%
San Bernardino	2,439	3,276	34.3%	$215,000	$145,000	-32.6%
San Diego	3,148	3,306	5.0%	$350,000	$325,000	-7.1%
Ventura	850	796	-6.4%	$400,000	$375,500	-6.1%
SoCal	19,366	21,502	11.0%	$330,000	$275,000	-16.7%

Bidding wars have pushed “first time buyers” to the sidelines in the foreclosure market. As prices have come down from their peak, their really is very little difference from the pricing of “broken in” or “brand new” home, and that is a good sign, according to JP Ackerman, strategic marketing director for Pulte Del Webb and Centex Southern California.

Source: Press Enterprise