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May Numbers: High-End Prices Dropping, Flippers Out and About

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Steroids? Hell, hand over the Thorazine instead to help us deal with real estate schizophrenia. DataQuick has rolled out their May sales numbers, noting the median price paid topped $300,000 for the first time in 20 months, with more movement seen in the mid- to high-end home end. DataQuick's explanation for this: "Stress has increased over the last year and sellers have become more motivated and realistic.") Additionally, “flipping” of homes has increased in SoCal. While the number of all-cash buyers has tended to be about the same, last month 3.4 percent of the Southland homes that sold had been flipped, up from 1.5 percent a year ago.

Meanwhile, just looking at Los Angeles County, the median sale price in May was $345,000, up from $300,000. And back to your case of schizophrenia, which can probably be chalked up to who has cash and savings left in this downturn: "Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but is lower than peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above-average, MDA DataQuick reported."
· Southland median sale price back over $300K; sales at 4-year high [DataQuick]
· SoCal Median Price Surges [LA Times]