Southern California home prices may have finally hit bottom, with median values rising last month for the first significant increase in two years, new data show.
Along with the 6.4% rise in prices from May, fewer than half of the sales were foreclosures -- the first time that has happened in nine months.
The percentage of homes that sold in June for more than $500,000 rose to about 20% of all homes purchased, up from 18% in May.
The median home sales price has been leveling off all year, hovering around $250,000 for five months before June's 6.4% increase over May's $249,000 median price.
In a positive sign, only 45% of the homes sold had been foreclosed upon, the lowest percentage since July 2008.
Foreclosures peaked at 57% of total sales in February, and in May still accounted for half of home sales.
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