Southern California home prices hit a new all-time high of $550,000 last month. Economists attribute the pickup to an easing of recession fears, rising incomes and falling mortgage rates — factors that have made buying more attractive and possible.
Southern California home prices in December rose by the most in 19 months, the latest sign that the housing market is gaining steam after a prolonged slowdown.
The dramatic bounce of sales and home prices reflects the depressed state of the market a year earlier. At the time, concerns over affordability and the direction of the economy were heightened. The stock market had plunged and some would-be buyers wondered if prices would follow. Sales“December 2018 was a really weird month,” said Christopher Thornberg, founding partner at Beacon Economics.Still, the data reveal a market that’s heating up after staying slow through much of 2019.
Zillow tries to account for such shifts and estimates a median for all homes, not just those that sold that month. Its data show L.A. County home prices rose just 1.6% in December. However, like DQNews, Zillow data show the price gains are getting bigger. In August, the Zillow median rose just 0.27%.
In the third quarter of 2019, 33% of the households in Los Angeles, Orange, Riverside, San Bernardino and Ventura counties could afford the median-priced single-family home, compared with 30% a year earlier, according to the California Assn. of Realtors.
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