I have written several articles in the last couple of weeks about the current status of Palos Verdes real estate. We have had better sales numbers in June compared to May. Now Peter Hong of the Los Angeles Times, who is usually ultra conservative, has written an article entitled, “Southern California median home prices surges in June”.
Could it be that we are finally turning the corner? Hong writes, “Southern California home prices may have finally hit bottom, with median values rising last month for the first significant increase in two years…” “I think we can now say with fair degree of confidence the pace of real home price declines has slowed dramatically,” said Los Angeles economist Christopher Thornberg, who was an early predictor of the housing bubble.”
The number of June sales in Southern California are up by 12% compared to May and up 29% from a year earlier. “But Thornberg and other analysts cautioned that the housing market remained wobbly and prices wouldn’t rise substantially in many neighborhoods for months or even years.” I think we would all be happy if they just stabilized.
Graph courtesy of LA Times
