Home prices and sales were up year-over-year in January, as SoCal saw a 13.5% sales increase last month. According to new data from DQNews, and reported by the LA Times, the six-county region’s median price also rose 13% from a year earlier to $599,500 last month.
Experts say the continued boost comes as buyers take advantage of ultra-low mortgage rates, as well as first-time buyers entering the market.
Some predict home prices will slow their climb as values can only go so high. Others, however, point to the hope of an improved economy post-pandemic, along with low rates, as a sign that prices won’t exactly free fall anytime soon.
Here’s how county numbers shook out for January, as tracked by by DQNews.
- In Los Angeles County, the median price rose 12.6% to $690,000, while sales climbed 14.3%.
- In Orange County, the median price rose 6.7% to $799,000, while sales climbed 22%.
- In Riverside County, the median price rose 17.1% to $455,364, while sales climbed 10.1%.
- In San Bernardino County, the median price rose 11.8% to $402,500, while sales climbed 20.7%.
- In San Diego County, the median price rose 9.4% to $640,000, while sales climbed 1.8%.
- In Ventura County, the median price rose 11.2% to $655,000, while sales climbed 16%.