Home sales in Southern California climb, price declines slow

(From the latimes.com) More Southern California homes sold in March than did a year earlier, and price declines slowed as the spring selling season got underway and more traditional home buyers entered a market that has seen record numbers of investors. The Southland’s median home price of $280,000 was essentially flat, down just 0.2% from March 2011. Compared with February, the median price rose 5.8% for a second consecutive monthly increase, real estate research firm DataQuick reported Tuesday.

Recent home price data have shown a broad deceleration in price declines in California and the nation’s biggest metro areas. While a slowing decline may not be the most comforting news for average buyers looking to plop down their savings on a fixer-upper, it has led several economists and other observers to make hopeful calls that a bottom is approaching.

DataQuick President John Walsh doesn’t expect a sharp turnaround in the housing market soon, given the recent weak numbers. Although March’s sales statistics improved, they remain well below the historical average for the month dating to 1988.

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