July saw the strongest home sales in four years in Southern California, thanks in part to low mortgage rates, CNBC reports.
Home sales in Southern California jumped more than 6% in July and were 3.7% higher annually, according to CoreLogic. That is the highest July volume since 2015 and the first year-over-year gain for any month since July of last year.
It is, however, nearly 11% below the historical July average.
Mortgage rates in July were significantly lower than they were a year ago, as rates began falling in May and just kept going.
Southern California has some of the priciest local markets in the nation, so affordability is an issue that lower rates are helping to mitigate.