Southern California home prices shot up in January from a year earlier, as buyers fought over a meager supply of homes for sale across the six-county region.
The area’s median price — the point at which half the homes sold for more and half for less — clocked in at $533,000, DQNews said Monday. That was 6.6% higher than a year earlier. It’s the latest indication that the housing market is heating up after muddling through much of 2019.
“We are definitely settling into a seller’s market,” San Fernando Valley real estate agent Moe Verma said. “Last year, things seemed a lot calmer.” Economists attribute the change, seen across the country, to falling mortgage rates, the easing of recession fears and a stark shortage of homes for sale. In Southern California, depending on the county, there were 17% to 28% fewer homes on the market in January than a year earlier, Zillow data show. Similar declines were reported in December.
Home prices and sales rose in all six counties compared with a year earlier:
* In Los Angeles County, the median sale price rose 6% to $615,000, while sales climbed 14.1%.
* In Orange County, prices rose 6.7% to $747,000, and sales climbed 20.3%.
* In Riverside County, prices rose 4% to $390,000, and sales climbed 18.3%.
* In San Bernardino County, prices rose 12.5% to $360,000, and sales climbed 16.7%.
* In San Diego County, prices rose 7.9% to $585,000, and sales climbed 22.8%.
* In Ventura County, prices rose 3.2% to $588,500, and sales climbed 18.8%. Though the spring home-buying season hasn’t yet kicked off, real estate agents say open houses are busy.