Buyers poured record $4.65 billion in cash in Southern California housing market may drive in nine years the biggest prize and sales to a seven-year-high, a market research firm said Tuesday.
Last month, cash payments and home purchases jumped to 19.5 percent from $3.89 billion in the previous year and increased 1.8 percent from $4.57 million in April, the previous record, said La Jolla-based DataQuick, shows.
The average purchase price for all new and 24.7 percent in May to $368.000 increased resale houses and condominiums in the six-county region of $295.000 a year earlier, and it was 3.1 per cent from $357,000 in April.
Last month median the highest for any month since May 2008, when it was $370,000 was, and the increase of the year compared with the previous year was the largest since 24.8 percent received in October 2004.
"We are deep in the uncharted territory: amazingly low mortgage rates, a wafer-thin inventory of homes for sale and the publication of years worth of catching up to do." Plus, there is a seemingly endless stream of investors and non-investors, pay bar and to avoid the credit qualification. As all are plays educated guesses at this time ", said John Walsh, DataQuick, shows of President, in a statement.
"Understandably still speculation about whether a different housing bubble be made can."
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