SAN DIEGO (AP) — A research firm says Southern California posted its strongest August for home sales in seven years as rising prices lured more sellers off the sidelines.
DataQuick said Thursday that more than 23,000 homes sold in the six-county region last month, up 3 percent from last year. The increase would have been much higher without a steep drop in sales of homes below $300,000. Sales of homes above $300,000 skyrocketed nearly 50 percent.
The median price for new and existing houses and condominiums in Southern California was $385,000, up 25 percent from August 2012. The median price matches a 64-month high and marks the 13th straight month of annual double-digit gains.