California posted the largest number of home sales for April since 2006, led by the quickening pace of transactions in Southern California, according to new data released today.
A total of 39,051 home sold statewide in April, an increase of 3.4 percent from the prior month and 2.1 percent higher than last year, San Diego-based DataQuick reports.
Median home prices in California for April rose to $324,000, the highest for any month since the median price hit $328,000 in June 2008. The median price was 3.5 percent higher from the previous month and 22.7 percent higher than last year.
"This is a market that is still re-balancing...now it's catch-up time, with a healthier economy spurring more demand and rising prices tempting more people to put their homes up for sale," said John Walsh, DataQuick president.
Homes in Southern California sold at the fastest pace for an April in seven years with a total of 21,415 homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, reports DataQuick.
The number is 4.1 percent higher than the previous month and 9.5 percent from the year before.
"Indicators of market distress" continue to decline, Dataquick reports. Foreclosure activity remains "well below year-ago and peak levels reached several years ago," the firm said.
The number of foreclosed homes sold in April was 13.5 percent, the lowest level since September 2007, according to DataQuick.
California has also been attracting more investors, with a recent report California as the best market for flipping homes this year. The number of "flipped" homes sold in April was 4.3 percent more than a year ago.