Southern California median home price up 15% in September, sales jump as well
4 years, 2 months ago

Southern California median home price up 15% in September, sales jump as well

LA Times  

Southern California home sales and prices surged in September, the latest evidence of a hot housing market during the COVID-19 pandemic. The six-county region’s median price rose 15.3% from a year earlier to a record $612,750 last month, according to data released Wednesday by DQNews. Hepp and other analysts say the strong median price gains in recent months are partly driven by a rise in actual values as buyers compete, but those actual values aren’t necessarily rising by double digits. So one thing that has made the median price rise so much, analysts say, is that members of higher-income households have been less likely to have lost their jobs in the pandemic, leading a greater share of home sales to be in the luxury segment now than at the same time last year. In September, here’s how prices and sales changed in individual Southern California counties: In Los Angeles County, the median sales price rose 14.5% from a year earlier to $710,000, while sales increased 19.9%.

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History of this topic

Southern California home prices keep rising; up nearly 8% in June to all-time highs
5 months, 2 weeks ago

Southern California home prices keep rising; up nearly 8% in June to all-time highs

LA Times  

Southern California home prices rose nearly 8% in June from a year earlier, marking the fourth straight month values hit an all-time high. The increases represent another hit for prospective home buyers struggling to afford a home in an expensive region at a time when interest rates are the highest they’ve been in more than 20 years. When mortgage interests …

Southern California prices are at a record. Could relief be on the way?
6 months, 1 week ago

Southern California prices are at a record. Could relief be on the way?

LA Times  

Southern California home prices hit a record for the third-straight month in May, but there could be some help on the horizon. Gabriel said the inventory increase probably isn’t enough to send home prices down, but, if the trend holds, home prices should rise less than they are today. Mike Simonsen, founder of real estate data firm Altos Research, said …

In a first, most California houses sell for over $900,000
7 months ago

In a first, most California houses sell for over $900,000

LA Times  

Want a house in California? The statewide median sales price for a previously owned single-family house surpassed $900,000 for the first time in April, a shocking figure that underscores just how unaffordable housing has become across the Golden State. High prices and high rates have created the most unaffordable housing market in a generation, but economists say prices keep rising …

Buying a home in Southern California? There are now more options
7 months, 1 week ago

Buying a home in Southern California? There are now more options

LA Times  

A home for sale in the Highland Park neighborhood of Los Angeles. “It’s getting a little bit better,” said Eneida Contreras, a Compass real estate agent who specializes in the San Fernando, Santa Clarita and Antelope valleys. “Ultimately, these are people’s homes, too, and they are not just straight-up investments.” Levine said he expects inventory levels to increase and home …

Southern California home prices fell last month. Don’t expect them to plunge
1 year ago

Southern California home prices fell last month. Don’t expect them to plunge

LA Times  

Southern California home prices dipped from October to November, the first decline in nine months. Nicole Bachaud, a senior economist with the real estate website Zillow, said the small price declines across much of Southern California can be attributed to two things: Fall is typically a slower time of the year for home sales and buyers are struggling with high …

Southern California home values near record despite the high cost of borrowing
1 year, 1 month ago

Southern California home values near record despite the high cost of borrowing

LA Times  

With interest rates sky-high, people like Nicholas Uribe are unable to trade up and buy another home. Southern California home prices are nearing a record high at a time of sky-high mortgage rates, a double blow that’s hammering housing affordability across the region. “I don’t understand how people are affording these insane mortgages,” said Nicholas Uribe, a 31-year-old property manager …

The median home listed in Los Angeles will soon cost more than $1 million — up 30% in 5 years
1 year, 4 months ago

The median home listed in Los Angeles will soon cost more than $1 million — up 30% in 5 years

LA Times  

A for sale sign is displayed in front of a new townhouse in Los Angeles. The already dizzying Los Angeles housing market is poised to reach new heights, as the latest data from Zillow suggest that the median home listed in the city will soon cost more than $1 million. “Rents and home prices are typically going to move in …

Home sales in June fell to the slowest pace since January with near-historic low inventory for sale
1 year, 5 months ago

Home sales in June fell to the slowest pace since January with near-historic low inventory for sale

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes fell in June to the slowest pace since January, as a near-historic low number of homes for sale and rising mortgage rates kept many would-be homebuyers on the sidelines. The national median sales price fell on an annual basis for the fifth month in a row, though fierce competition led to …

Southern California home prices have been falling. Are the drops over?
1 year, 7 months ago

Southern California home prices have been falling. Are the drops over?

LA Times  

A home for sale last year in the Mission Hills area of Los Angeles. According to Zillow, the typical price in the combined six-county Southern California region continued to fall in April, but the decline was the smallest since values turned negative last year. “They would rather see if they can qualify to buy.” Jeff Tucker, an economist with Zillow, …

Southern California’s weird and wild real estate market: The priciest home sales of 2022
1 year, 11 months ago

Southern California’s weird and wild real estate market: The priciest home sales of 2022

LA Times  

Stars such as Drake, Adele and Kim Kardashian all closed blockbuster deals this year in Southern California. A regular in real estate headlines, he set the neighborhood’s previous price record when he sold a spec mansion for $42.5 million in 2020. The rapper toured the finest estates of Southern California but eventually settled for something off-market, quietly paying $75 million …

Rising mortgage rates are sending home prices lower
2 years, 2 months ago

Rising mortgage rates are sending home prices lower

LA Times  

For the first time in a decade, home prices in Southern California are definitively falling. Other measures of home prices, including data from mortgage services firm Black Knight and John Burns Real Estate Consulting, show similar or even greater declines from peak prices, providing further evidence the recorded drops aren’t a data anomaly. Few, if any, major real estate experts …

US home sales fell in July; some buyers see silver lining
2 years, 4 months ago

US home sales fell in July; some buyers see silver lining

Associated Press  

LOS ANGELES — The housing market’s comedown from its high-flying days early this year is deepening, with home sales in July falling for the sixth straight month. Still, it is a notable reversal after a housing shortage, rock-bottom mortgage rates and soaring home prices skewed the housing market strongly in sellers’ favor in recent years. “We know that homes are …

The SoCal housing market is cooling. Here’s how far prices have fallen
2 years, 5 months ago

The SoCal housing market is cooling. Here’s how far prices have fallen

LA Times  

With more supply and less demand, Southern California’s median home price dropped from May to June. The data, released Tuesday by DQNews, mark the first month since January that Southern California’s ultra-competitive housing market saw a decline in the median home price. California’s median home price dropped to $863,790 in June, a 4% decrease from the revised record high of …

Southern California housing prices will fall, some experts say. The question is how much
2 years, 5 months ago

Southern California housing prices will fall, some experts say. The question is how much

LA Times  

Rising mortgage rates have slowed the housing market across the nation and Southern California. Then in 2023, he expects the Federal Reserve’s actions to fight inflation will cause a mild recession and the combination of job losses and higher rates will cause the statewide median price to fall 7.1% compared with this year, with similar declines in Southern California specifically. …

How many records can Southern California home prices break? Last year, 10
2 years, 11 months ago

How many records can Southern California home prices break? Last year, 10

LA Times  

Southern California home prices rose 16% in December from a year earlier. Southern California home prices hit another all-time high in December, capping a year of sharp growth that left many first-time buyers frustrated while homeowners counted their equity gains. The six-county region’s median sale price reached $697,500 last month, up 16.3% from a year earlier, real estate data firm …

In Southern California, a slight slowdown in the housing market still means record prices
3 years ago

In Southern California, a slight slowdown in the housing market still means record prices

LA Times  

Bidding wars have cooled, but plenty of home buyers have stayed the course, continuing to drive prices up. Southern California home prices jumped nearly 16% in November from a year earlier, showing how the market is still ultra-competitive despite a slight slowdown that began to set in several months ago. The region’s six-county median sales price reached an all-time high …

What L.A. County’s median home price — $795,000 — buys in six areas
3 years, 1 month ago

What L.A. County’s median home price — $795,000 — buys in six areas

LA Times  

This Kagel Canyon home is listed at $789,000, slightly less than the L.A. County median home price of $795,000. The address: 107 E. Graves Ave., Monterey Park, 91755 The price: $799,000 The specs: Five bedrooms and two bathrooms in 1,451 square feet The agent: Manuel Reyes of First Family Homes Vermont Square With more than 40,000 people in 2.54 square …

Hot, hot, hot ... warm: SoCal home values hit new record, but price rises are slowing
3 years, 2 months ago

Hot, hot, hot ... warm: SoCal home values hit new record, but price rises are slowing

LA Times  

Southern California home prices set another record last month, but the market is cooling despite the all-time price high. In Los Angeles County, the median home price rose 12% to tie a record of $795,000, while sales climbed 6.2%. In San Diego County, the median home price rose 13.8% to $740,000, while sales fell 3.9%. In Ventura County, the median …

Southern California home prices keep climbing, hit new record in July
3 years, 4 months ago

Southern California home prices keep climbing, hit new record in July

LA Times  

Southern California’s median home price set another record in July, but the rate of increase slowed. Southern California home prices set yet another record in July, although the pace of increase slowed as some home shoppers grew tired of bidding wars that have defined the pandemic market. The housing market has been red hot since last year, with the pandemic …

Another month, another record: SoCal home prices hit all-time high
3 years, 5 months ago

Another month, another record: SoCal home prices hit all-time high

LA Times  

Southern California’s median home price surged to $680,000 in June. Southern California’s real estate market hit another historic peak in June, with home prices soaring to yet another all-time high, though analysts see the extreme bidding wars of the last year beginning to ease. In Los Angeles County, the median home price rose 23.1% to $790,000 in June, while sales …

Southern California home prices hit a new record. Is a slowdown on the horizon?
3 years, 6 months ago

Southern California home prices hit a new record. Is a slowdown on the horizon?

LA Times  

Rapidly rising home prices have many buyers worried that they are being priced out of the market. In Los Angeles County, the median home price rose 25% to a record $775,000 in May, while sales climbed 117%. In Orange County, the median home price rose 19.3% to a record $895,000, while sales climbed 113.4%. In Riverside County, the median home …

Southern California home prices jump 20% in April, knocking down another record
3 years, 7 months ago

Southern California home prices jump 20% in April, knocking down another record

LA Times  

April home sales jumped 86.2% year over year with a total of 25,857 transactions, up from 13,889 in April 2020. Southern California home prices muscled to an all-time high in April as the hot real estate market got even hotter. The six-county region’s median home price increased 20.2% year over year to a record $655,000, according to data released Tuesday …

‘A feeding frenzy’: Southern California home prices up 15%
3 years, 8 months ago

‘A feeding frenzy’: Southern California home prices up 15%

LA Times  

Southern California home prices rose by double digits in March for the eighth straight month. Southern California home prices soared in March, rising by double digits for the eighth straight month as a pandemic-fueled housing boom continues to go strong. In Los Angeles County, the median price rose 17.2% to $750,000 in March, while sales climbed 33.9%. In Orange County, …

Southern California home prices, sales jump 13% in January
3 years, 10 months ago

Southern California home prices, sales jump 13% in January

LA Times  

Southern California home prices and sales jumped by double digits in January from a year earlier, as prospective buyers rushed to take advantage of rock-bottom mortgage rates. The six-county region’s median price rose 13% from a year earlier to $599,500 last month, according to data released Monday by data firm DQNews. In San Bernardino County, the median price rose 11.8% …

Southern California home prices rise nearly 11%; sales jump too
4 years ago

Southern California home prices rise nearly 11%; sales jump too

LA Times  

The Southern California median home price rose by double digits for the fourth consecutive month, underscoring strong demand for housing during the COVID-19 pandemic. In Los Angeles County, the median sales price rose 12.2% from a year earlier to $700,000, while sales climbed 13.1%. In Riverside County, the median sales price rose 12.3% to a record $455,000, while sales climbed …

Southern California’s median home price rose sharply in October
4 years, 1 month ago

Southern California’s median home price rose sharply in October

LA Times  

Southern California home prices jumped 14% in October compared with a year earlier, according to DQNews. The Southern California median home price rose sharply in October compared with a year earlier, as buyers rushed to take advantage of rock-bottom interest rates. Though the six-county median price last month was slightly below September’s record, prices in Los Angeles and San Bernardino …

There’s a pandemic, but Southern California home prices are at record levels
4 years, 3 months ago

There’s a pandemic, but Southern California home prices are at record levels

LA Times  

In the middle of a global pandemic, Southern California home prices keep setting records. In Los Angeles County, the median home price rose 12.2% from a year earlier to $692,750 in August, while sales fell 3.8% from a year earlier. In Orange County, the median home price rose 11.6% to $800,000, while sales climbed 10.9%. In San Bernardino County, the …

Southern California home sales, prices rose in July despite high unemployment
4 years, 4 months ago

Southern California home sales, prices rose in July despite high unemployment

LA Times  

The Southland’s median sales price climbed by the most since 2018, rising 8.5% from a year earlier to a new record of $585,000. The median home price rose 5.5% from a year earlier to $670,000. The median home price rose 6.3% from a year earlier to $775,000. The median home price rose 6.7% from a year earlier to $635,000.

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