Southern California median home price up 15% in September, sales jump as well

Mortgage rates are at historic lows, so there’s money to be saved there by buying a home now. But when it comes to the home’s sales price, don’t expect a discount because of the economic downturn.September was the fourth straight month the median hit a new all-time high, and the 15.3% increase from a year earlier was the largest pop since 2014.Analysts say the strong gains in recent months reflect a rise in actual values but also a change in what is selling.

Because the median is the point at which half the homes sold for more and half for less, it reflects a change in individual home values as well as the types of homes sold at any given moment.With job losses hitting lower-income households harder, analysts say that’s caused a greater share of today’s home sales to be in theReal estate firm CoreLogic releases an index that attempts to correct for such shifts in the types of homes selling.

The index is delayed compared with the median price data, but in August, the index showed home prices in Los Angeles County rose 5.3% from a year earlier. That compared with a 12.2% increase in the median for August. When it came to September, here’s how sales and prices changed in individual Southern California counties:In Los Angeles County, the median sales price rose 14.5% from a year earlier to $710,000, while sales increased 19.9%.In Riverside County, the median sales price rose 14% to $447,000, while sales increased 17%.

In San Bernardino County, the median sales price rose 12.8% to $397,000, while sales increased 26.4%.In Ventura County, the median sales price rose 12.9% to $665,000, while sales increased 32.1%.

Why does anyone think that's rational?

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