If you’re in the market to buy a home in Southern California, the news just keeps getting better and better. The median home price fell last month once again as the housing market struggles to maintain any sort of momentum going into what is traditionally the height of the home buying season. The median price of a Southern California home fell more than eight percent to $280,000 in May, representing the largest year-over-year in nearly two years. The uncertainty in the housing market, difficulty obtaining home loans and less-than spectacular employment figures contributed to May’s results according to San Diedo-based research firm DataQuick.

Great Home Prices + Low Interest Rates = Time to Buy

Despite the depressed prices and the corresponding increase in affordability of homes for sale in Southern California, potential home buyers remain content to wait on the sidelines for a sign that it’s a good time to buy. Home sales fell more than 17% in May, according to DataQuick, to less than 14,000 units vs. more than 22,000 in the same month last year. Many real estate industry observers continue to believe the market is “bouncing along the bottom” but expect a modest to full-blown recovery within the next year.

The huge inventory of foreclosed homes, short sales and otherwise distressed properties is keeping housing prices depressed, but this glut of cheap homes on the market will not last forever. To learn more about the great deals available on foreclosures in Southern California, call our seasoned real estate agents directly at 888-994-7365 today.