Southern California Home Sales Surge to Highest Since 2006

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La Jolla, CA---Southern California home sales rose in June to the highest level in 30 months as the number of deals above $500,000 continued to climb. June's sales gain, plus another rise in the region's median sale price, indicate buyers responded to price cuts on mid- to high-end homes and found it easier to secure financing for pricier abodes, a real estate information service reported.

A total of 23,262 new and resale houses and condos closed escrow in San Diego, Orange, Los Angeles, Ventura, Riverside and San Bernardino counties last month. That was up 12.0% from 20,775 in May and up 29.0% from a revised 18,032 a year ago, according to MDA DataQuick. The San Diego firm tracks real estate trends nationally via public property records.

Sales have increased year-over-year for 12 consecutive months.

June's sales were the highest for that month since 2006, when 31,602 homes sold, but were 17.7% below the average June sales total since 1988, when DataQuick's statistics begin. June sales peaked at 40,156 in 2005 and hit a low last year.

Foreclosures remained a major force in June, but their impact on the resale market eased for the third consecutive month.

Foreclosure resales - homes sold in June that had been foreclosed on in the prior 12 months - represented 45.3% of Southland resales last month, down from 49.7% in May and down from a peak 56.7% in February this year. Last month's level was the lowest since foreclosure resales were 43.7% of resales in July 2008.