The six-county region’s median sales price rose a whopping 24.7% from May 2020 to a record $667,000 last month, according to data released Tuesday by data firm DQNews.The big leap in numbers from a year earlier is partly due to a once-in-a-lifetime comparison.The data reflect closed sales, meaning the 2020 data covered mostly deals that opened escrow during March and April 2020 — the height of the coronavirus lockdowns. At the time, sales had plunged and price growth slowed.
As those lockdowns eased, the housing market roared back to life both locally and nationally, spurred by record low mortgage rates and a desire for more space during the pandemic. The number ofis also on the rise, as deep-pocketed individuals and companies look to acquire single-family houses to rent out or renovate.
Median home prices in the region have risen by double digits for 10 consecutive months and new records are being set both regionally and locally. In Los Angeles County, the median home price rose 25% to a record $775,000 in May, while sales climbed 117%.In Riverside County, the median home price rose 22.5% to a record $502,250, while sales climbed 81.7%.In San Diego County, the median home price rose 22.9% to a record $725,000, while sales climbed 81.7%.
In Ventura County, the median home price rose 20.9% to a record $701,500, while sales climbed 128.7%.
MI_Investments I smell a property tax increase and transfer to failing school districts and teachers unions. Fail up
Here’s a tip: move to where it’s less expensive! I know that your mind is blown at this very instant
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