Low Mortgage Rates Push Southern California Home Prices Higher
Low mortgage rates are challenging the stereotype of Californians fleeing the expensive state. Those with money to spend who are in the market for a house can’t resist the historically low rates, and even the most expensive markets in Southern California saw a surge in home prices and sales in October.
Southern California's recent surge in home sales and prices continued into October, marking the second straight month of year-over-year sales gains in all six counties.
The median price of a resale house in the Los Angeles metro area — or the price at the midpoint of all sales — was $545,000 in October, unchanged from the previous two months but up 5.6% from the previous October, the California Association of Realtors reported on Nov. 18.
Sales rose year over year for the second month in a row in the L.A. region — which includes L.A., Orange, Riverside, San Bernardino and Ventura counties. Transactions increased 6.2% from October 2018 levels, the second-biggest gain among California metro areas, CAR reported.
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