If You Read the Morning Headlines...
June 16, 2010
When I opened the Los Angeles Times newspaper this morning. in bold print, was the headline: "Southland hone prices jump 22%".
The article refers to the median home price in Southern California. Since I had just posted the May median prices on June 8 and the January thru May median prices on June 9, I was intrigued by this headline. Going back and reviewing my postings of the median prices for the 14 communities in the San Bernardino/Riverside counties, I did find that there were, in fact. some communities that did post a 20% increase in the median price in May 2010 over May 2009: notably, Colton, Moreno Valley, Rialto, Riverside and San Bernardino.
A further read of the LA Times article did indicate that the May jump in median prices was influenced by some of the coastal counties. As I checked my figures, I noted that the median price from 2008-2009 had dropped substantially. What one commentator in the Riverside Press noted this morning was that the exceptionally low median prices of 2009 made the median prices show improvement. Again, my data indicates that the median prices in the 14 communities that I tract has not recovered to the 2008 levels.
Chapman University Economist Esmael Adibi cautioned that the rise in median prices does not mean that homeowners in Riverside and San Bernardino counties have realized double digit appreciation in the last 12 months.
For me, the data points to a market that is adjusting after a huge decline in values and in volume.
When I opened the Los Angeles Times newspaper this morning. in bold print, was the headline: "Southland hone prices jump 22%".
The article refers to the median home price in Southern California. Since I had just posted the May median prices on June 8 and the January thru May median prices on June 9, I was intrigued by this headline. Going back and reviewing my postings of the median prices for the 14 communities in the San Bernardino/Riverside counties, I did find that there were, in fact. some communities that did post a 20% increase in the median price in May 2010 over May 2009: notably, Colton, Moreno Valley, Rialto, Riverside and San Bernardino.
A further read of the LA Times article did indicate that the May jump in median prices was influenced by some of the coastal counties. As I checked my figures, I noted that the median price from 2008-2009 had dropped substantially. What one commentator in the Riverside Press noted this morning was that the exceptionally low median prices of 2009 made the median prices show improvement. Again, my data indicates that the median prices in the 14 communities that I tract has not recovered to the 2008 levels.
Chapman University Economist Esmael Adibi cautioned that the rise in median prices does not mean that homeowners in Riverside and San Bernardino counties have realized double digit appreciation in the last 12 months.
For me, the data points to a market that is adjusting after a huge decline in values and in volume.
posted by shirley harry at 7:17 AM
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