The median home price in Los Angeles County has surpassed its pre-precession peak, according to a recent study by CoreLogic.
The median price hit $560,500 in May, a 6.8 percent increase from the previous year. Sales volume also jumped 4.8 percent.
The skyrocketing increase in home values can be attributed to an improving economy, historically low mortgage rates and a shortage of listings, the Los Angeles Times reported.
Real estate agents say that many buyers are convinced prices will continue to climb and have become more aggressive in their bids to purchase homes.
South Bay real estate agent Barry Sulpor said high rents and a fear of rising mortgage rates are also fueling demand. He told the Times that his open house for a $975,000, three-bedroom home in north Redondo Beach was “standing room only” last weekend. [LAT] — Subrina Hudson