The Los Angeles Times reported the following:

Home sale prices in Southern California showed fresh strength in January, bouncing 8.6% from the same month one year earlier — a period when the market was inundated with steeply discounted bank-owned properties.

This is undoubtedly good news, but it isn't all the news.

But compared with a particularly strong December, the median fell 6.1% to $271,500 in January, ending eight consecutive months of price appreciation

This is largely a function of the change in "mix" with the lower priced Inland Empire being even more active in January.  This report must be viewed as good news with apples to apples prices increasing while unemployment remains high.

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