From the LA Daily News: Southern California home sales gain ground
The region’s housing market gained some momentum in May, with sales increasing 5 percent from a year ago, a market tracker said Wednesday.With distressed sales still declining (down to 8% from 10% in May 2015), non-distressed sales are up about 7% YoY. However inventory is still low, especially in the more affordable areas.
It’s the fourth consecutive year-over-year sales gain, said Irvine-based CoreLogic. Prior to this uptick, sales had fallen from the year-ago level for 11 of the past 12 months.
... But sales last month were 14 percent below the May average of 25,297, dating back to 1988 when record keeping began.
...
Last month foreclosure sales accounted for 4 percent share compared with a 5 percent share a year ago, CoreLogic said. Short-sales, transactions in which the purchase price was less that what was owed on the mortgage, accounted for a 4 percent share versus 5 percent a year ago.
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