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Southland home prices increased 20.9 percent in February from a year earlier and sales hit a six-year high for the month as buying activity perked up in the mid- to high-end markets and absentee purchases hit a record level, a research firm said Wednesday.
Last month the median home price in the six county region increased to $320,000 from $264,750 in February 2012, according to La Jolla-based DataQuick.
The median price made double-digit percentage gains in all areas.
"Most every gauge shows prices are up significantly over the past year, even after adjusting for changes in the types of homes selling," DataQuick President John Walsh said in a statement. "But to keep today's price levels in context, consider that last month's median sale price was still around 37 percent below its early 2007 peak of $505,000, and it was about where the median was back in mid 2003."
Sales increased 1 percent to 15,945 properties from 15,780 a year earlier. Sales slipped 0.7 percent from January, a typical seasonal trend. On average, sales have increased 0.7 percent between January and February dating back to 1988, when DataQuick began compiling its database.
DataQuick's statistics include new and previously owned houses and condominiums.
"This marginal increase in sales is a really positive sign," said Robert Kleinhenz, Chief Economist at the Kyser Center for Economic Research at the Los Angeles County Economic Development Corp.
"Last year was a transition year and I think this is the year when are going to see some real improvement. I think the proof in the pudding will be the March numbers when we kick off the selling season."
Scant inventory continued to hold back sales and drove a decline in the Inland Empire, according to Dataquick.
The company said that in February:
• In Los Angeles County the median price increased 17.1 percent to $3550,000 from $299,000 a year earlier. Sales rose 4.2 percent to 5,481 from 5,261.
• In San Bernardino County sales fell 5.9 percent to 1,959 from 2,082. The median price jumped 18.2 percent to $175,000 from $148,000.
• In Riverside County sales also fell 5.9 percent, dipping to 2,833 from 3,011. And the price rose 18.1 percent $228,000 from $193,000 a year ago.
With the supply of distressed properties diminishing buyers are migrating up the price ladder.
Last month sales in the move-up sector - properties priced between $300,000 and $800,000, a range that would include many making their first move to a nicer home - rose 33.4 percent from the prior year.
The number of homes selling for $500,000 or more jumped 54 percent and those sales of $800,000 and up rose 62.7 percent.
Absentee buyers, mostly investors and some second-home purchasers, accounted for a record 31.4 percent of the Southland home purchases last month, DataQuick said, which was up from 29.9 percent a year earlier.
Flipping, taking a quick profit on a recent purchase, also increased.
Last month 6.9 percent of the homes sold had previously changed owners in the prior six months, up from 3.7 percent a year earlier.
Last month the median home price in the six county region increased to $320,000 from $264,750 in February 2012, according to La Jolla-based DataQuick.
The median price made double-digit percentage gains in all areas.
"Most every gauge shows prices are up significantly over the past year, even after adjusting for changes in the types of homes selling," DataQuick President John Walsh said in a statement. "But to keep today's price levels in context, consider that last month's median sale price was still around 37 percent below its early 2007 peak of $505,000, and it was about where the median was back in mid 2003."
Sales increased 1 percent to 15,945 properties from 15,780 a year earlier. Sales slipped 0.7 percent from January, a typical seasonal trend. On average, sales have increased 0.7 percent between January and February dating back to 1988, when DataQuick began compiling its database.
DataQuick's statistics include new and previously owned houses and condominiums.
"This marginal increase in sales is a really positive sign," said Robert Kleinhenz, Chief Economist at the Kyser Center for Economic Research at the Los Angeles County Economic Development Corp.
"Last year was a transition year and I think this is the year when are going to see some real improvement. I think the proof in the pudding will be the March numbers when we kick off the selling season."
Scant inventory continued to hold back sales and drove a decline in the Inland Empire, according to Dataquick.
The company said that in February:
• In Los Angeles County the median price increased 17.1 percent to $3550,000 from $299,000 a year earlier. Sales rose 4.2 percent to 5,481 from 5,261.
• In San Bernardino County sales fell 5.9 percent to 1,959 from 2,082. The median price jumped 18.2 percent to $175,000 from $148,000.
• In Riverside County sales also fell 5.9 percent, dipping to 2,833 from 3,011. And the price rose 18.1 percent $228,000 from $193,000 a year ago.
With the supply of distressed properties diminishing buyers are migrating up the price ladder.
Last month sales in the move-up sector - properties priced between $300,000 and $800,000, a range that would include many making their first move to a nicer home - rose 33.4 percent from the prior year.
The number of homes selling for $500,000 or more jumped 54 percent and those sales of $800,000 and up rose 62.7 percent.
Absentee buyers, mostly investors and some second-home purchasers, accounted for a record 31.4 percent of the Southland home purchases last month, DataQuick said, which was up from 29.9 percent a year earlier.
Flipping, taking a quick profit on a recent purchase, also increased.
Last month 6.9 percent of the homes sold had previously changed owners in the prior six months, up from 3.7 percent a year earlier.
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