Southland Median Sale Price Steady Month-to-Month, Up Sharply Year-Over-Year

As seen on DQNEWS.com

Southern California home sales were the highest for an August in seven years as strong activity above $300,000 compensated for a dip in sales below that level, as well as fewer cash and investor purchases. The median sale price held steady compared with June and July but rose 24.6 percent from a year earlier, marking the eighth consecutive month with a year-over-year gain over 20 percent, a real estate information service reported.

A total of 23,057 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 0.8 percent from a revised 23,253 sales in July, and up 2.8 percent from 22,438 sales in August 2012, according to San Diego-based DataQuick.

Last month’s sales were 12.8 percent below the average number of sales – 26,452 – in the month of August since 1988, when DataQuick’s statistics begin. Southland sales haven’t been above average for any particular month in more than seven years. August sales have ranged from 16,379 in August 1992 to 39,562 in August 2003.

The median price paid for all new and resale houses and condos sold in the six-county region last month was $385,000, the same as in June and July and up 24.6 percent from $309,000 in August 2012. The $385,000 median over the past three months is the highest since April 2008, when the median was also $385,000.

The median price has risen on a year-over-year basis for 17 consecutive months. Those gains have been double-digit – between 10.8 percent and 28.3 percent – over the past 13 months. Last month’s 24.6 percent annual gain in the Southland median was lower than the 28.3 percent annual increase in June and the 25.8 percent annual gain in July.

Last month’s median remained 23.8 percent below the peak $505,000 median in spring/summer 2007. The median fell by $256,000 from that peak to its $249,000 trough in April 2009, and it has now regained just over half of that peak-to-trough loss.

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Understanding Probate

Everyone has a will or plan, whether created or by default.  Even if you have not made out a will or a trust, you still have a plan – a plan dictated by the laws of the state where you reside upon your death.  Making a will is not a way to avoid “probate”, the court procedure that changes the legal ownership of your property after your death.  Probate makes sure it is your last valid will, appoints the executor named in your will and supervises the executor’s work.  You can do several things now that can help your executor and family later, hopefully much later on.

I am in possession of a will that distributes the decedent’s estate to me, isn’t this all I need?

No.  The will must be admitted to probate and the estate of the decedent must be “probated.”

What does “probate” actually mean?

Generally, probate is a court proceeding that administers the estate of an individual.

What is the purpose of “estate administration”?

  1. Generally, there are five purposes, many of which have subsets to them:
  2. To determine that the decedent is in fact dead,
  3. To establish the validity of the will,
  4. To identify the heirs and devisees of the decedent,
  5. To settle any claims that creditors may have against the estate of the decedent, and
  6. To distribute the property.

Who is the Public Administrator?

Generally speaking, a public administrator is a person or entity appointed by the State to act when there is no will or relatives.

What is the difference between “Testate” and “Intestate”?

When one is said to have died “Testate,” it means he or she died leaving a will.  If one is said to have died “Intestate,” it means he or she died without leaving a will.

What is the difference between an executor and an administrator?

An “executor” carries out the directions and requests set forth in the decedent’s will.  An “administrator” is appointed by the court to manage the estate of a decedent who dies intestate.

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