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California home prices continue to spike, according to a new report from PropertyRadar, formerly ForeclosureRadar. The research firm attributes the price increase, though, to decreased supply and a lower proportion of “distress sales,” including foreclosures and short sales.

Such distressed sales, which made up 52 percent of the overall market in May 2012, were down to 31.1 percent of the market last month, meaning almost 70 percent of home sellers had equity in their properties. The proportion of equity sellers has been rising for over a year, and made up a simple majority of overall transactions for the first time in recent memory last July.

Rising home prices helping underwater homeowners aren’t the only thing driving the trend, however – the report points to the California Homeowner Bill of Rights as key in stopping or stalling foreclosures, therefore unnaturally driving up prices due to a shortage of supply. PropertyRadar points to the fact that the overall number of sales actually dipped 0.1 percent between April and May, even though sales volume typically spikes at the approach of summer as families time their moves around the traditional school calendar.

As a result of the law, new Notices of Default, which begin the foreclosure process, had leveled out around 10,000 per month across the state. In May, they were down about 10 percent.

“The dramatic 29.7 percent year-over-year increase in California median home prices belies the fact that May sales, a month normally characterized by rising sales, declined 11.1 percent year-over-year,” said Madeline Schnapp, PropertyRadar’s director of research.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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