Southern California home prices jumped in December, the first significant increase since June.
The median sale price in the six-county region hit $395,000 last month, a 2.6% gain from November and 22.3% over the same month a year earlier, research firm DataQuick reported Tuesday. The firm attributed the rise to fewer distressed sales and demand that has outstripped tight supply.
It's too soon to tell if the monthly increase signals the return of aggressive price appreciation. The spring home buying season will provide a better look into the market's health.
"The problem with one month of data is it could just be noise," said Richard Green, director of USC's Lusk Center for Real Estate.
But if the sharp gains continue through this year, it could renew concerns of a bubble.
"A pop from here would be a problem," Green said.