Southern CA home prices continued their steady climb when comparing November numbers to one year ago, according to a recent report. Home sales also jumped, but those inflated numbers aren’t cause for celebration just yet.
The Los Angeles Times reported that the strong sales increase happened largely because new lending regulations last year delayed many deals that would have closed in November 2015. The LA Times based its information on CoreLogic analysis.
Southern CA home prices, on the other hand, have steadily grown year-over-year for the every month in the past four years, so sellers, put on your party hats.
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Southern CA home prices: A look at the numbers
The median home price for the six-county region of Southern California was $465,000 in November, up 5.9 percent from a year ago, based on CoreLogic data reported in the LA Times. Sales, due to delayed closings a year ago, increased by a whopping 24.1 percent over November 2015.
Here’s the breakdown of the six-county region of Southern California, where home prices increased across the board when comparing November 2016 to November 2015.
- Los Angeles County: $530,000 median price ; 8.4% increase
- Orange County: $660,000 median price; 5.9%
- Ventura County: $525,000 median price; 2.9%
- San Bernardino County: $295,000 median price; 5.7%
- Riverside County: $340,000 median price; 6.8%
- San Diego County: $495,000 median price; 5.6%
The increase in Southern CA home prices has far outpaced income growth in recent years, according to the LA Times, but the numbers haven’t changed much on a month-over-month basis since June, when the median home value was also at $465,000.