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MEDIAN PRICE -- UP...INVENTORY -- WAY DOWN... SALES VOLUME -- UP... Median Price Up – Inventory Way Down – Sales Volume Up What a month it has been! It's been chaos if you're a buyer trying to find a property, and a little déjà vu if you are a seller that is getting multiple offers on your property that's for sale. That being said, however, we are not seeing the double digit appreciation that was present in 2005 and 2006. That is a good thing, as that was the start of the bubble that burst and caused the subsequent crash and the very slow recovery we are now enjoying. September numbers brought some interesting news for Southern Californians. (More specific numbers to follow.) The median price was up 5.9% versus September a year ago. There were 23,977 sales and that was up 16.2% from the previous year. October numbers that are found in the next section, were even better. But a really interesting fact from the last month of the third quarter was that local zip codes showed improvement in 53 of 83 for the county. That shows that there isn't a concentration of business or growth in just hard hit areas such as Santa Ana, or south Orange County, where investors are flipping properties. In fact, sales for October, the last complete month available, show that move up buyers, that elusive quadrant, has finally reemerged and these buyers are entering the market. Obviously we need more to do so, because of inventory limitations, but it has started. The upper end of properties over 2 million is moving more robustly than it has since 2006. Finally, a last bit of good news is that home construction is finally on the rise, seemingly for good, not just a sputter of one or two developments, but begun in earnest by multiple builders. In fact, 1,700 construction jobs were added as compared to September 2011, according to the Employment Development Department. This is good news, because without that vital addition of new homes, we would really see an inventory bog down in the next 2 years.