Nevada City Virtual Tour

Saturday, July 14, 2012

California home sales have accelerated sharply in May

In an article written by Alejandro Lazo and Laura Hautala, they state Southern California home sales have accelerated sharply in May and prices have improved for the second consecutive month, mirroring a national trend and providing fresh evidence that housing is recovering from its five-year slump.

The number of homes sold soared 21% compared with a year ago, while the median price jumped 5.4%.  Activity was particularly robust for homes prices above $300,000, a sign that the long-dormant move-up market could be coming out of its slumber, according to real estate research firm DataQuick.

Several factors are driving the rebound, including bargain-basement mortgage rates, a slowly improving economy and a growing consensus that housing prices are at or near bottom, so says DataQuick.

Laguna Niguel mortgage broker Jeff Lazerson is also experiencing the crush.  He has written 50 loans in June, well above his usual pace.  This year he has hired two full-time employees and plans on hiring another.  He is looking for new office space.  “I have never had the deluge I am having now in 25 years,” Lazerson said. “I am bulging at the seams.”  Lazerson said he was particularly encouraged by the rise in clients with equity in their houses.  Many experts have seen the return of the move-up market as critical to getting real estate back on firmer footing.

Sandi Pfister, a real estate agent with South Bay Brokers, said the competition for homes in the cities of Redondo Beach, Hermosa Beach and Manhattan Beach has intensified this year.  “Holy cow,” she said, “One property got 30 offers, a property on Monday got 10 or 12 offers.”

Gary Tippner is Short Sale and Foreclosure Resource Certified 
Relocation Specialist ~ Luxury Specialist

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