May 2013 marked a seven-year high for Southern California home sales, according to a La Jolla-based DataQuick research firm. Last month a record $4.65 billion in cash was spent on housing in the area.
The Huffington Post reports that according to DataQuick, “cash down payments and home purchases rose 19.5 percent from last year and 1.8 percent from April.” Median home sales for new and resale houses/condos in Southern California increased from $295,000 last year to $368,000 this year. In April 2013, the number was $357,000.
DataQuick president, John Walsh, said in a statement, “…there’s a seemingly endless stream of investors and non-investors who pay cash and thereby avoid the loan-qualification process. How this all plays out is educated guesswork at this point.”
The increase from 2012 to 2013 was “the largest since a 24.8 percent gain in October 2004,” the firm reports.
According to their website, DataQuick “delivers advanced information solutions powered by higher-quality data, innovative analytics, and automated decisioning.” Their customer-focused solutions are intended to “drive better decision making and improve profitability.”