SAN DIEGO (AP) - The median home price in Southern California rose to its highest level in four years in August amid a sharp drop in sales of foreclosed home, more mid-to-high-end deals, and a shrinking supply of homes on the market, a research firm reported Thursday.
The median price for new and existing houses and condos in the six-county region reached $309,000 last month - an 11 percent jump over August 2011, DataQuick said.
Last month's median price was the highest since it hit $330,000 in August 2008.
Low mortgage rates, a mild economic recovery and near-record levels of deals by investors and cash buying also prompted more sales, which jumped more than 14 percent over the same period last year to more than 22,000, the research firm reported.
The median price has risen for seven consecutive months and increased year-over-year for the past five months, according to DataQuick.
Foreclosed homes accounted for 19 percent of last month's sales in the region, down from a revised 21 percent in July and 32 percent in August of 2011.
Last month's figure was the lowest since November 2007, when foreclosed homes comprised 18 percent of sales. That figure hit a high of almost 57 percent in February 2009, according to DataQuick.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.