Buying A House? Act Fast
Posted by Techyscouts | Posted on 06/30/2021
Since March, Southern California home prices have been soaring, rising as the pandemic-fueled housing boom has continued. According to data from real estate firm DQNews, the median home price in SoCal has increased 14.5% from last year. Houses, condos, and townhomes sold have risen to 32.2%. So what is happening?
First, there are several factors that are driving the boom nationwide, real estate agents and economists say. And it’s not just because of the pandemic. Before COVID-19, the housing market was already heating up. Not only are people looking for more space, but millennials (now in their early 30s) are buying homes for the first time. Especially in SoCal, where rates of home prices are increasing.
Throughout Southern California, every county has seen an increase in the housing market. Here are the statistics for each:
- Los Angeles County: Median price rose 17.2% to $750,000 in March. Sales climbed to 33.9%.
- Orange County: Median price rose 10.6% to $835,000. Sales climbed 38.5%.
- Riverside County: Median price rose 17.9% to $476,750. Sales climbed 37.5%.
- San Bernardino County: Median price rose 18.3% to $429,500. Sales climbed 29.3%.
- San Diego County: Median price rose 15.3% to $680,000. Sales climbed 22.4%.
- In Ventura County: Median price rose 12.5% to $658,000. Sales climbed 24.2%.
Many home buyers and sellers are asking themselves how much longer will steep gains continue? According to experts and analyst in the real estate field, they believe that:
- Falling mortgage rates during the pandemic have enabled buyers to bid up the prices of homes while keeping monthly payments roughly the same.
- Unless the economy recovers or if mortgage rates rise, we will still see this boom.
- Prices in the Southern California market will go up to the double digits by December.
- Low supply and an influx of investors into the market have made prices up.
Work with a Reliable Realtor!
Confused about all of this, especially if you’re thinking about purchasing real estate in Southern California right now? If you need help and guidance, contact Mike Millea! We are here to support our clients who need expert advice in real estate. At Michael Millea, we offer realtor services to anyone, regardless of what type of property you’re interested in investing in. We look forward to working with you!