Southern California has seen home prices raise nearly 7% year over year. The area’s median price—the point at which half the homes sold for more and half for less—clocked in at $533,000, according to DQNews. That was 6.6% higher than a year earlier, the latest indication that the housing market is heating up after a slower 2019.
Per Zillow, in Southern California, there were 17-28% fewer homes on the market in January 2020 than a year earlier. Further evidence that SoCal shoppers were heading into a seller’s market, falling mortgage rates appear to be easing recession fears.
The L.A. Times pointed to an increase in home prices and sales across all six counties compared with a year earlier:
- In Los Angeles County, the median sale price rose 6% to $615,000, while sales climbed 14.1%.
- In Orange County, prices rose 6.7% to $747,000, and sales climbed 20.3%.
- In Riverside County, prices rose 4% to $390,000, and sales climbed 18.3%.
- In San Bernardino County, prices rose 12.5% to $360,000, and sales climbed 16.7%.
- In San Diego County, prices rose 7.9% to $585,000, and sales climbed 22.8%.
- In Ventura County, prices rose 3.2% to $588,500, and sales climbed 18.8%.