A dip in mortgage rates lured more buyers into the market, pushing up home sales. Prices, meanwhile, were tied for second-highest on record, CoreLogic reported.
Southern California’s median home price hit $775,000 in October, within $5,000 of the all-time high of $780,000 reached in July, CoreLogic figures show. A dip in interest rates the month before – when most October sales contracts were signed – may have lured more buyers into the market.The median price of a Southern California home – or the price at the midpoint of all sales – rose 5% to $775,000 during the 12 months ending in October, real estate data firm CoreLogic reported Wednesday, Dec. 4.
Year to date, 2024 generated just under 146,000 home sales in the six-county region, compared with a January-to-October average of 223,000 sales. “Homebuying momentum is building after nearly two years of suppressed home sales,” NAR Chief Economist Lawrence Yun said last week in a statement. “Even with mortgage rates modestly rising, … continuous job additions and more housing inventory are bringing more consumers to the market.”Although the number of homes for sale remains below average, Southern California listings jumped 47% since the start of the year, according to the brokerage Redfin.
Housing economists predict U.S. home prices will keep rising in the new year, despite persistently high mortgage rates.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Los Angeles, California job with University of Southern California Center for Craniofacial Molecular BiologyThe Center for Craniofacial Molecular Biology (CCMB) of the Herman Ostrow School of Dentistry of the University of Southern California (USC) is recruiting outstanding candidates for a tenure-track position at the rank of Assistant Professor to conduct cutting-edge research in the areas of cell and developmental biology, tissue regeneration, cell...
Read more »
25 Southern California tech firms make fast-growth listHighest-ranked local firm was Gamefam, a video-game developer and platform from Los Angeles.
Read more »
Where to catch holiday light displays in Southern CaliforniaWhether you get your news for the day on your morning drive or while sipping coffee and packing school lunches like me, I keep you up to date on breaking news from overnight or in the early morning.
Read more »
NASCAR wants to race again in Southern California, but when will it happen?NASCAR remains dedicated to racing again in Southern California, but it's unclear when a planned, reconfigured race track in Fontana will be ready.
Read more »
Fire crews gain greater control over destructive Southern California wildfireAuthorities say favorable weather conditions have helped fire crews gain more control over a Southern California wildfire that has destroyed 134 structures. Containment of the Mountain Fire in Ventura County stands at 26% Sunday, up from 21% on Saturday night.
Read more »
Thousands in Southern California told to evacuate as wind-fed wildfire spreadsThe Mountain Fire, northwest of Los Angeles, destroyed dozens of homes and forced thousands of residents to flee as forecasters warned of the potential for “extreme and life-threatening” blazes.
Read more »