By Alejandro Lazo, Los Angeles Times
The region's median home price rose 3.6% from a year earlier to $290,000 in April, real estate research firm DataQuick of San Diego reported. Construction of new homes jumped last month. Above, a window frame is worked on at a home in San Diego. (Sam Hodgson, Bloomberg / April 20, 2012)
Southern California's housing market showed signs of turning the corner in April as foreclosures made up the smallest share of sales in four years and the region's median home price increased for the first time since late 2010.
Among other evidence of improvement, foreclosures dropped significantly in California and other Western states last month, a continuation of a trend that began last fall, according to data firm ForeclosureRadar. A separate report by the nation's mortgage bankers released Wednesday showed that national delinquencies and foreclosures hit a four-year low, driven largely by declines in states in the West.
The easing of foreclosures and defaults is seen as key to righting the housing market because those homes tend to sell at a discount.
The region's median home price rose 3.6% from a year earlier to $290,000 in April, real estate research firm DataQuick of San Diego reported Wednesday. The median is the point at which half the homes in the region sold for more and half for less. Those price gains were driven by increases in the Inland Empire, where bank-owned homes have been prevalent since the subprime mortgage crisis.
The median prices in Orange and Los Angeles counties fell, though because those coastal, pricier counties made up a larger share of the market than in prior months, they helped lift the overall median for the region.
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