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Ruth Mills
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Southland Home Prices Unchanged for 2nd Straight Month



Southland home prices were unchanged in August, according to a report issued Friday by real estate data tracker DataQuick. It marked the second straight month in which prices were flat, signaling a possible end to the torrid pace of rising prices during the first half of the year. According to the report, the median price paid for homes sold in Southern California in August was $385,000, the same as it was in the previous two months, providing a glimpse of hope for thousands of potential homebuyers on the verge of being priced out of the market.

Despite prices leveling off in the Southland, however, the median is still up a staggering 24.6 percent from August 2012, as prices shot up dramatically during the first half of the year. As investors picked up steeply discounted distressed properties, buyers flocked to the few available homes remaining on the market, causing prices to jump. But with inventory diminished, investors have backed off in the region, though they still accounted for about 25 percent of homes sold last month.

Across Southern California, 23,057 homes were sold in August, up 2.8 percent from a year ago. The biggest year-over-year price gains were seen in Los Angeles County, where the median rose 28.1 percent in the twelve months through August. The gains were a little more modest in San Diego County, where the August median price of $415,000 represents an increase of just over 20 percent from August 2012.

September 13, 2013