Median Home Prices Fall in South Gate

The median price of a home in South Gate this past April was $230,000 down from the 236,500 of April 2011.

That's according to real estate-tracking firm Data-Quick, which reports Wednesday that home sales locally jumped by 25.3 percent in May, compared to the same month a year ago.

However, home prices in the region dipped 1.6 percent over that period. In South Gate that percentage was 2.75% down.

A total of 7,496 homes changed hands locally last month, compared to 5,983 in May 2011, according to DataQuick. The median price of a home in Los Angeles County in May was $315,000, down from $320,000 in May 2011.

A total of 22,192 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in May, according to DataQuick.

That was up 15.1 percent from 19,284 in April, and up 20.6 percent from 18,394 in May 2011.

The median price for a Southern California home was $295,000 last month, up 1.7 percent from $290,000 in April and up 5.4 percent from $280,000 in May 2011.

"The market is being slowly nursed back to health by low-interest rates, a modestly improved economy and, we suspect, a widening sense that the
housing sector is at or near bottom,'' said John Walsh, DataQuick president.

"There's still plenty of uncertainty swirling around out there. But it looks
like more move-up buyers are concluding it makes sense in the long run to sell
their homes now, even when it's hard to swallow the price.''

With information from City News Service.

Keep up with South Gate Patch Latino by subscribing to breaking news alerts, liking us on Facebook and following us on Twitter. Have an event or announcement you'd like to publicize? Submit them for free.