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Inching Up

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Real estate tracking company DataQuick is reporting that the "median home price in Southern California increased nearly 1 percent in May from April, the first month-on-month increase in nearly two years," according to the Mercury News. Still there's this: "Last month's median home price of $249,000 in a six-county region of Southern California was almost 33 percent lower than the May 2008 median price of $370,000." According to Dataquick, the number of May home sales was up 23 percent over last year (half of those May sales were foreclosures), according to the Mercury News. But the Wall Street Journal takes a closer look at the sales figures and believes that maybe sellers are finally getting realistic about pricing: "Sales of homes at $500,000 or higher accounted for 17% of the May transactions, up from 15% in April. DataQuick said that may partly reflect sellers’ willingness to cut prices on higher-end homes to meet demand." [MN/WSJ]