Southern California Home Sales Heat Up in February
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
La Jolla, Calif. (DQNews) -- The Southland housing market posted the highest number of February home sales in five years as record levels of investor and cash buyers helped spur robust activity under $300,000.
The median price paid for homes across the six-county region inched up from January but dropped below the year-earlier level for the twelfth consecutive month, a real estate information service reported.
A total of 15,573 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 7.2% from 14,523 in January, and up 8.4% from 14,369 in February 2011, according to San Diego-based DataQuick.
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