Southern California continued to see a thriving real estate market in October, as home sales and prices increased, according to DataQuick.
A total of 21,075 new and resale homes and condos were sold in the six-county Southland, which was 18 percent higher than September and a 25.2 percent year-over-year improvement. This increase in sales was spared by move-up buyers joining investors in the market.
Additionally, the median sales price came in at $315,000. This was the same as September but a 16.7 percent improvement from a year ago.
"Watching the market rebalance itself is fascinating," said John Walsh, DataQuick president. "In some categories and in some neighborhoods, demand outstrips supply, pushing up prices. In other areas, the market is still largely dormant."
Increasing home prices in the area have began to make homes less affordable. Competition between investors and first-time home buyers has made distressed properties less of a deal, which has made home sales in the area more expensive, according to the Los Angeles Times.
