Homes are selling like hot cakes in SoCal, with sale volume reaching a ten-year high in August, according to a recent CoreLogic report.
Despite sky-high price tags, the number of sales climbed 5.4 percent since last year in Los Angeles County, with 7,725 new and existing homes sold in August. All the while, median prices rose 6 percent to $530,000.
The boost in August sales can be attributed to low mortgage rates, job growth and high rates of household formation, CoreLogic analyst Andrew LePage said in the report.
In the greater Southern California region, which encompasses Orange, Riverside, San Bernardino, San Diego and Ventura counties as well, the number of home sales grew by nearly 10 percent with 23,278 houses and condos sold in August.
SoCal’s median sales price, though unchanged since July, increased 6.2 percent since last year. [CoreLogic] — Cathaleen Chen