Posted: Jun 13, 2012 10:20 AM by The Associated Press
SAN DIEGO (AP) - A research firm says sales in expensive coastal regions have pushed Southern California home prices to a 20-month high.
DataQuick said Wednesday that the median price for new and existing houses and condos reached $295,000 in May, up 5 percent from the same period last year. It marks the second straight month that price increased from a year ago in a six-county region.
The number of homes sold jumped 21 percent to more than 22,000.
The San Diego-based researcher says higher-priced homes along the coast are a bigger part of the sales mix, lifting the median price. Foreclosed properties, which tend to sell at lower prices, are also making up a smaller part of overall sales.
The median price is still well below a high of $505,000 reached in 2007.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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