By Gregory J. Wilcox, Los Angeles Daily News
Posted: 03/17/15, 9:43 AM PDT | Updated: 1 min ago
Southern California’s consecutive streak of year-over-year home price increases zeroed in on three years during February while the home sales slide moderated, a market tracker said Tuesday.
The median price of new and previously owned houses and condominiums sold in the six-county region rose 8 percent from a year earlier to $415,000 last month, CoreLogic DataQuick said.
It was the 35th straight month of prices increases, the company said.
The region-wide median price is now 17 percent below the record $505,000 reached in March, April, May and July of 2007 prior to the market collapse. During the downturn it lost 51 percent, bottoming out at $247,000 in April 2009. Now it is 68 percent above that low.
“It was a combination of the high end going comatose at a time where there was plenty of churn at the lower third of the market,” CoreLogic DataQuick analyst Andrew LePage said of the factors causing the steep price slide.
Between August 2012 and May 2014 those annual price gains were double digits percentage-wise. Since then, single-digit percentage increases have been the norm.
Sales remain constrained by tight inventory, tough loan underwriting standards and affordability issues.
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