Southern California Sales
The median price paid for all Southern California homes sold in December 2017 was $507,000, a new all-time high that surpasses the previous peak of $505,000.
Absentee buyers (investors and second home purchasers) bought 22.9% of Southland homes sold in December 2017. The peak was 32.2% in February 2013. The monthly average for absentee buyers since 2000 is about 18.0%.
The number of homes that sold for $500,000 or more in December 2017 accounted for 51.3% of all sales. That is up from 45.4% in December 2016.
Foreclosure re-sales (properties foreclosed on in the prior 12 months) represented 1.4% of the Southland re-sale market in December 2017. That was down from 2.9% in December 2016. Foreclosure resales peaked at 56.7% in February 2009.
Federal Housing Administration (FHA) Loans made up 16.1% of all home purchase loans in Southern California in December 2017. Riverside and San Bernardino counties experienced the region’s highest FHA share in December at 25.1% and 26.9% respectively.
Just Released from DQNews January 30th, 2018
(951) 522-0518 or april@teamgreer.com
