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Sellers in Southern California enjoying higher prices

November 17, 2010 - Those local home sales are still moving at a slow pace, sellers in Southern California are reporting rising home values.

A report from MDA DataQuick showed that the median price on a home for sale in the region was $283,000 in October, up 1.1 percent from a year earlier. It was the 11th straight month that the area has experienced increasing year-over-year prices, though it was not entirely a sign that the local housing market was out of the woods. October brought another slow month of moving activity, with 16,744 homes being sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month - down 7.4 percent from September.

"In addition to a lousy economy, the housing market still has a couple of nasty bottlenecks it has to contend with," said MDA DataQuick president John Walsh. "Sales of newly-built homes are at a low, mostly because builders can't build at a low enough price to compete with the inventory of resale homes, many of which are short sales or foreclosures."

He added that many buyers are still struggling to find financing for a new home, with mortgage requirements now stricter than ever.

Buying a home is becoming tougher for many relocating families because of some banks' reluctance to provide preapprovals for mortgages. The New York Times reported that lenders are feeling hampered by new rules for good faith estimates, discouraging many from handing out the preapprovals that many real estate agents require to work with a potential buyer.
 

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