In February, the median price for both new and existing homes in and around Los Angeles increased to $460,000, up $5,000 from January.
The Los Angeles Times reports that this is the highest jump in more than a year. Prices have steadily increased for five years.
Low inventory has been cited as one of the reasons for the price gains. The number of sales declined 1.7 percent from a year earlier, according to CoreLogic data.
In Los Angeles County, February’s median price increased 7.9% from a year earlier to $525,000; in Orange County, 5.7% to $645,000; in Ventura County, 4.2% to $520,100; in San Bernardino County, 7.3% to $295,000; in Riverside County, 10% to $346,500; and in San Diego County, 8.1% to $492,000.