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December 20, 2019

Southern California home prices surge 5.6% to record $549,000 in November

Southern California home prices surge 5.6% to record $549,000 in November 1

Southern California’s median home sales price hit $549,000 in November as low mortgage rates, limited choices and a healthy local economy motivated house hunters to pay up, CoreLogic/DQ News reports.

Here are some key house-hunting trends from the report covering closed transactions for all types of homes in the six-county region …

Pricing: SoCal’s median was $549,000 — up 5.6% over 12 months. The latest median breaks the record of $541,250 set in June 2019.

Purchasing: 18,152 residences — new and existing — sold in November in six SoCal counties. That’s up 5.6% in a year but it is also 13% off the November average of 20,829 since 1988.

Jobs: More work, more homebuying. St. Louis Fed stats show six-county employment was rising at 146,000-a-year pace in October vs. up from 89,000 hires in February.

Some key housing niches …

Single-family houses: 12,365 sold in the six counties, up 6.2% in a year. The median selling price was $574,545 — a 7.8% increase over 12 months.

Condos: 3,633 sales across the region, up 5.9% over 12 months. Median? $460,000 — a 3.8% increase in a year.

Newly built: Local builders sold 2,154 new homes, up 2.3% in a year. Median? $579,250 — a 0.7% decrease over 12 months.

Builder share: 11.9% of SoCal sales vs. 12.3% a year earlier. Between 1998 and 2018, new homes have accounted for 13.4% of all homes purchased.

At the county level, sales and prices rose in all six counties. The year’s best sales performance? Ventura County at 14.6%. Top price change? San Bernardino County at 6.1%.

Los Angeles County: 5,814 sales, up 6.1% over 12 months. Median? $625,000 — after a 4.2% year’s increase.

Orange County: 2,800 sold, up 5.1%. Median? SoCal’s highest at $735,500 — after a 2.5% increase.

Riverside County: 3,185 sales, up 3.1%. Median? $409,500 — after a 5% increase. It breaks the record of$399,000 set in June 2019.

San Bernardino County: 2,364 sold, up 2.3%. Median? SoCal’s cheapest at $350,000 — after a 6.1% increase.

San Diego County: 3,180 sales, up 8.4%. Median? $594,455 — after a 5.2% increase. It tops the old high of $590,000 of June 2019.

Ventura County: 809 sold, up 14.6%. Median? $580,000 — after a 0.9% increase.

ReportsOnHousing tracks brokers’ listing services to gauge how many existing homes are for sale and what housing is under a sales contract. Here are conditions as of Dec. 12 in the six-county region …

Supply for sale: 34,555 residences listed, down 25% in a year.

New escrows: 13,076 opened in the previous 30 days, up 15% in a year.

Selling speed: 79 days of “market time,” down 42 days in a year.

Source

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