Californian’s hear “Double-Double” and likely think In-N-Out, but economists and real estate experts have something other than beef on their minds.
The O.C. Register’s Jonathan Lansner writes that Southern California is experiencing it’s longest streak of “Double-Double” gains since 2014. As noted in Lansner’s column, a “Double-Double” is when both home sales and home median prices surge at a double-digit pace—10 percent or more when compared to the same period a year prior.
While we await March numbers, Lansner analyzed years worth of data to find that such occurences as we’re currently seeing are rare (only 36 of the past 380 months tracked), and indicative of key turning points.
Such market boosts are great for sellers, but not so great for buyers, who are already facing a much talked about inventory drought and could see those available homes jump in price. Lansner notes that regionally, big price jumps historically followed past “Double-Doubles,” up an average 17 percent in the year.
When looking at the county breakdown, Riverside averaged 21 percent gains in previous “Double-Double” periods; San Bernardino saw 20 percent; L.A. experienced 16 percent gains; Orange and San Diego both had 14 percent increases, while Ventura County experienced 13 percent gains.
For more on Lansner’s “Double-Double” predictions and warnings, check out his full column here.