The Orange Country Register took a look a new numbers from the California Association of Realtors and deemed SoCal “affordable,” while acknowledging that term is used rather loosely.
The median sales price of an existing single-family home in Southern California’s five-county region jumped 18 percent in a year to a record $649,000 in February, according to the California Association of Realtors. The nine-county Bay Area region, however, saw that region’s median price jump some 26 percent in the same time period to a record $1.15 million.
The O.C. Register notes that this discrepancy translates to February’s southern homebuying “discount” at 44 percent compared with the price of a house up north. This “savings” of buying south over north was 37 percent just 14 months ago.
California’s main housing markets have long had give-and-take relationship with it comes to “affordability.” For more on the history of our market fluctuation, check out Jonathan Lansner’s full article by clicking here.