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SoCal home sales — and prices — stayed strong in November
LA County’s median home sale prices jumped to $700K year-over-year
Home sales in Southern California remain strong, and buyers are willing to spend more to seal the deal.
The median price of a home that sold in the six-county region last month was $603,000, a near 11 percent uptick year-over-year, according to the Los Angeles Times. It was actually a decline from $605,000 last month and the all-time high of $610,000 in September.
But November also had nearly 20 percent more home sales year-over-year.
Los Angeles County saw sales pick up 13 percent year-over-year, and median sale prices increase by 12 percent year-over-year, to $700,000. Orange County had the highest median sale price in the region, at $799,500. That was an 8.2 percent year-over-year increase, the Times reported. Sales climbed 19.4 percent.
Overall, home sale prices have picked up and the pace of sales have accelerated since state and local authorities allowed real estate activity to continue following widespread lockdowns this spring.
Historically low mortgage rates have been a key driver. A wave of young buyers motivated to buy during the pandemic is another reason for the increased activity.
Rates for a 30-year, fixed-rate mortgage are hovering below 3 percent. The average size of a loan recently hit a record high of $375,200. [LAT] — Dennis Lynch