Southern California Real Estate Markets Heat Up

1702mulholland17Real estate in several California markets continued to heat up while the median list price of homes across the nation rose compared to a year ago, according to the® National Housing Trend Report for the month of June 2013.

The report revealed both year-over-year median list prices and month-over-month inventories rose significantly in key California markets (with increases of over 20 percent and over 40 percent respectively). In June, the national increase in median list price remained 5.27 percent higher than a year ago.  National median age of inventory increased by just one day (at 80 days) in June, compared to 79 days in May 2013.

“Inventories on reached their highest level in June since the beginning of 2013. We’re seeing increases as high as 51 percent month-over-month in many southern California markets,” said Steve Berkowitz, chief executive officer of Move. “Sellers are continuing to list homes at a steady pace into late June, which moves us past the traditional home buying season, as mortgage interest rates continue to rise. These are all signs that the market recovery is continuing at a healthy pace.”

Nationally, June 2013 inventories rose by 4.26 percent over May 2013 and median list prices were just 0.45 percent higher than May prices.  Despite six consecutive months of steady month-over-month growth, inventories continue to be down by 7.29 percent on a year-over-year basis.

National Data:

  • In June, the total number of single-family homes, condos, townhomes and co-ops for sale in the U.S. (1,931,713) increased by 4.26 percent month-over-month. On an annual basis, June 2013 inventory decreased by 7.29 percent.
    • The median list price ($199,900 for June 2013) rose by 0.45 percent over the month, and by 5.27 percent year-over-year.
    • The median age of inventory of for sale listings (80 days) has decreased by approximately 15.79 percent in comparison to June of last year, but is up 1.27 percent month-over-month.

Local Data:

  • June 2013 month-over-month inventories sprang up in many regions in California, including:
  • Orange County (51.54 percent); Los Angeles-Long Beach (45.69 percent); Riverside-San Bernardino (44.72 percent); Ventura (43.53 percent); San Diego (18.14 percent); Bakersfield (12.47 percent) and Oakland (12.14 percent).