April another strong month for housing market

Prices were the big story, with the April median price in Southern California jumping to $357,000, according to Dataquick, up 23.1 percent from a year earlier (L.A. County's median of $395,000 rose 27.4 percent from April 2012). Since last August, Socal prices have risen by double-digit percentages, although last month's median was still well below the peak of $505,000 in 2007. Nearly 30 percent of all sales went for more than $500,000, the highest since April 2008. It's still a case of too many buyers going after too few homes; properties that are priced right routinely receive multiple offers that are often well beyond asking. Many of those offers are all cash, which has created problems for potential buyers needing to finance. April home sales were also up from a year earlier. From press release:

"This is a market that is still re-balancing. Sales of deeply discounted properties in affordable neighborhoods are way down. Activity in middle and high-end communities is on its way up. Now it's catch-up time, with a healthier economy spurring more demand and rising prices tempting more people to put their homes up for sale," said John Walsh, DataQuick president.

APRIL HOME SALES (% change from April 2012)
Los Angeles 7,140 +9.7%
Orange 3,327 +13.9%
Riverside 3,760 +8.1%
San Bernardino 2,512 +9.6%
Ventura 884 +10.0%

APRIL MEDIAN PRICE (% change from April 2012)
Los Angeles $395,000 +27.4%
Orange $535,000 +27.4%
Riverside $248,000 +24.0%
San Bernardino $195,000 +24.8%
Ventura $420,000 +16.7%

Source: DataQuick, DQNews.com