Stand and be counted, Counties!
As another pandemic-related milestone dominates the headlines, SoCal’s home prices are garnering attention, too. Our 6-county region’s median price reached $600,000 in August, up 12.1% from a year earlier, according to data released last week by DQNews. That was the largest percentage increase since 2014 and the third consecutive month during which prices set a new all-time high. Sales rose 2.4% from a year earlier. Here are the numbers, county-by-county:
·      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 Riverside County, the median home price rose 13.1% to $441,000, while sales edged up 0.6%.
·      In San Bernardino County, the median home price rose 9.8% to $380,000, while sales climbed 2.8%.
·      In San Diego County, the median home price rose 9.4% to $640,000, while sales climbed 7.2%.
·      In Ventura County, the median home price rose 8.1% to $647,250, while sales climbed 7%.
The median is the point at which half the homes sold for more and half for less and thus reflects not only actual increases in value but also the types of homes selling at any given moment.
In Los Angeles and Orange counties, there were 19% fewer homes for sale in August than a year earlier, according to Zillow. Larger declines were seen in the Inland Empire, as well as in San Diego and Ventura counties.
While prices climbed, mortgage interest rates plunged, with the average rate on a 30-year fixed-rate now below 3%. This rare pairing of events make the market appealing to both buyers and sellers: Money is cheap to borrow, so sellers can charge a little more than usual—and usually will get it during a time when most buyers are looking for something to soothe their pandemic-impacted lifestyles.
Interesting events in otherwise challenging times. Contact me if you would like to talk it through. Have a great weekend!