Southern California Experiencing Varied Housing Recovery

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Peoples Home Equity informs readers of the mixed SoCal (Southern California) housing market.

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The least effected county for monthly sales declines from September 2013 to October was San Diego at -3.10%

Peoples Home Equity a lender based in Knoxville, TN has been experiencing a mixed mortgage market in lieu of its Dana Point, CA branch location.

According to a November 12th report, Southern California home sales increased 5.4% from September to October 2013. While this increase was very good, the October sales figure of 14.4% below the average number of sales for October since 1988. Despite lower sales, home prices are higher at $383,750, than both September 2013 ($382,000), and October 2012 ($315,000).

In terms of counties, San Bernardino experienced the highest year-over-year rise in home sales at 35%, compared to the lowest rise in Orange county of 18.70%. The least effected county for monthly sales declines from September 2013 to October was San Diego at -3.10%, while Ventura experienced a 10.90% drop for the month.

“Our read on the market is that after playing some rapid catch-up, home prices hit a bit of a mid-summer wall. It took a very specific set of circumstances to trigger price gains of 20 percent or more over the course of a year,” said John Walsh, DataQuick president.

Wealthier individuals buying properties in the $300,000-$800,000 range pushed up property values by 15.5% during the October year-over-year period. If we isolate the year-over-year increase home sales for $500,000+ homes we find that sales climbed 28.5%, while properties selling for +$800,000 experiencing a sales increase of +32.9%. Thus, Southern California is seeing more home sales for more expensive homes.

Foreclosure sales in this region make up only 12.9% of total resale homes; this is the lowest reading since October 2008. This is also surprisingly positive since California is ranked 2nd in highest foreclosure rate of the nation.

To speak to a Peoples Home Equity loan officer today, please schedule an appointment at their Dana Point by calling: (949)-481-6156

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Ornis Mala
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