Bargain Hunters Send Home Sales Up

Home sales increased in Southern California for the seventh consecutive month in January, according to MDA DataQuick.

The real estate information provider, which is based in the University Towne Center area, reported Feb. 19 that eager buyers sought bargains attributed to abundant foreclosure properties and increased affordability with lower median prices.

Sales volume increased 35 percent in January, with 2,500 sales compared with 1,800 sales in January 2008.

DataQuick said sales of existing single-family houses reached record levels in Chula Vista and Lemon Grove as well as in Perris and Temecula in Riverside County.

The research firm also reported that many coastal communities have not benefited from the wave of bargain hunting that has boosted sales during the past few months. DataQuick reported below average sales in Del Mar and Encinitas.

SOURCE: San Diego Business Journal