Home Prices Soar

Southern California home prices went up in July across Southern California as the already hot housing market saw continued high demand and persistently low inventory.

According to a report from CoreLogic, the six-county Southern California area’s median price climbed 7.7% from a year earlier, hitting $501,000. Despite the fact that the market rebound is now in its sixth year, the increase to the region’s median price last month was the greatest jump in nearly 2 1/2 years.

In Los Angeles County, the median price in July was $575,000, up 8.1% from the previous July. In Orange County, the median price rose 7.9% to $690,000.

Meanwhile, across the region sales dipped 2.3%, in part because of the extremely low inventory.

Economists say the primary driver of the state’s low inventory is a loack of home building relative to population and job growth, a dynamic that has been ongoing for decades. Developers in Riverside and San Bernadino counties are busy constructing homes, but in Los Angeles and Orange counties, many communites have nowhere left to build.

As a result, Riverside and San Bernardino are the only counties in the region that saw an increase in sales from a year earlier.

Locally, in Long Beach the median home price hit $610,000 in July, up 6.1% from a year earlier. Meanwhile, closed sales were down by 13.7% and the inventory of homes for sale was down by 17.1%. The rising prices and imbalance of supply and demand make this an ideal seller’s market.

Long Beach real estate

In Lakewood, July’s median home price was $570,000, up 10.8% from the previous year and the inventory of homes for sale was down 31.2%.

Lakewood real estate

Some zip codes and neighborhoods saw greater appreciation than others, and while across the board inventory is extremely tight, in some neighborhoods, inventory has begun to build up a bit compared to earlier in the summer.

If you’d like to know more about the market in your zip code or neighborhood, or if you’d like a free market evaluation of your home, simply fill out the form below and we’ll be happy to get you that information. There’s no cost and no obligation.

Source: California Association of Realtors, CoreLogic, Los Angeles Times

About the Author

Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes. She has consistently been one of the top Realtors in the Long Beach area. Prior to her award-winning career in real estate with the Shannon jones Team, Shannon has had successful careers in journalism and public relations. She holds a bachelors degree from UC Irvine and a masters degree from UC Berkeley. Shannon holds E-Pro, CDPE (Certified Distressed Property Expert), and PSC (Pre-Foreclosure Specialist) certifications. Shannon is very personable and maintains a very strong moral compass, always putting the best interest of home buyers/sellers above monetary goals. A California native, Shannon enjoys gardening, travel, reading, cooking and poker when she’s not selling homes MY DESIGNATIONS Lic# 01247705 | CDPE (Certified Distressed Property Expert) | E-Pro | PSC (Pre-Foreclosure Specialist) MY SERVICE AREAS Anaheim Bellflower Buena Park Carson Cerritos Cypress Downey Fountain Valley Garden Grove Huntington Beach La Palma Lakewood Long Beach Los Alamitos Los Angeles County Norwalk Orange County Rossmoor San Pedro Seal Beach Signal Hill South Bay Westminster

Leave a Reply

Your email address will not be published. Required fields are marked *