Southern California home sales and prices high in December

As end-of-the-year housing market reports begin to emerge, DataQuick reportedan increase in closed transactions on homes for sale in Los Angeles County and a notable gain in home prices in December.

Data from the report found that the final month of 2012 saw the highest number of homes sold in three years, as 20,274 new and resale homes and condos were sold in the six counties that make up Southern California. This is 5.1 percent higher than the 19,285 homes sold the previous month and also up 5.3 percent from December last year when 19,247 properties were purchased.

"The housing market had more to offer in 2012 than many anticipated," said John Walsh, president of the data firm.

Additionally, the median price paid for a home was $323,000 up 0.6 percent from November and a 19.6 percent leap forward from December 2011 when the median price was $270,000. A large percentage, 24.7 percent, of all home sales were for properties priced for $500,000 or more, as transactions of luxury properties continue to boost the median price significantly. DataQuick notes this is the highest figure seen since July 2008.