The pandemic rush in Southern California’s housing market continued in January with no signs of abating.
The median sales price across the six county region reached $599,500 — a 13 percent increase from January 2020. The number of sales increased 13 percent year-over-year, according to the L.A. Times.
January was the sixth consecutive month in which the regional median price increased by a double-digit percentage year-over-year and the fifth consecutive month in which the number of sales did so.
Buyers quickly returned to the market after local governments lifted restrictions real estate-related activities in late April. The pandemic and rising prices are motivating some buyers to take the plunge, with many seeking for more space outside dense urban areas.
Low mortgage rates are likely also bringing buyers to the market. While the average rate on the benchmark 30-year fixed-rate mortgage has increased slightly in recent weeks, it remains historically low.
At the county level, Riverside County saw the biggest year-over-year increase in pricing. The median sales price there hit $455,364 — 17.1 percent higher than in January 2020. The number of sales was up 10.1 percent.
L.A. County saw its median sales price rise 12.6 percent year-over-year to $690,000 and the number of sales increase 14.3 percent.
Orange County was the most expensive place to buy a home in Southern California in January, as it historically is: The median sales price rose 6.7 percent to $799,000 and sales climbed 22 percent. [LAT] — Dennis Lynch