The Southland’s move-up market showed some signs of life as the region’s median home price improved for the second consecutive month in May, new data show.
The median home price rose 5.4% in May from the same month last year to hit $295,000, real estate research firm DataQuick reported Wednesday. That was a 1.7% improvement over the prior month.
Sales throughout the Southland also improved, up 20.6% from May 2011 and 15.1% from April to hit 22,192.
Helping boost the median was a narrower share of foreclosures selling as part of the market for previously owned homes. Foreclosed homes typically sell at a discount. Sales volume also improved for homes priced above $300,000, helping boost prices.