Currently Reading

Southern California Home Prices Reach New All-Time High

Advertisement
Housing Markets

Southern California Home Prices Reach New All-Time High


July 20, 2021
southern cali
Photo: rouda100 | stock.adobe.com

The cutthroat bidding wars that emerged in 2020 as a new norm have begun to fade, but home prices remain elevated and continue to increase. In Southern California, median home prices just hit a new all-time high of $680,000 in June, up from May’s previous record breaking price tag of $667,000, reports the Los Angeles times. Buyer demand resulted from expanding buyer markets, a demand for more space, and low mortgage rates. Now, sales have picked up, and it could be a signal toward an easing supply shortage and extreme bidding wars.

In June, 27,012 homes traded hands, a sizable jump from the 24,064 that sold in May and the 17,743 that sold in June 2020.

  • In Los Angeles County, the median home price rose 23.1% to $790,000 in June, while sales climbed 68.9% year over year.
  • In Orange County, the median home price rose 17.6% to $900,000, while sales climbed 67.2%.
  • In Riverside County, the median home price rose 20% to $510,000, while sales climbed 43.8%.
  • In San Bernardino County, the median home price rose 21.3% to $442,750, while sales climbed 41.7%.
  • In San Diego County, the median home price rose 24.9% to $750,000, while sales climbed 34.5%.

In Ventura County, the median home price rose 22.7% to $736,000, while sales climbed 47.6%.
With more houses steadily being listed for sale, Compass agent Brent Chang said he thinks the historic seller’s market could calm down before the end of the year.

“With every new article that comes out about how great the market is for sellers, a new wave of homeowners put their houses on the market. One agent I know is listing five properties a week,” he said.

Read More
 

Related Stories

Market Data + Trends

Young Professionals Have Returned to Cities, Impacting Rents

Young professionals have returned to cities, pushing apartment rents up and taking the stock prices of apartment companies with it. The FTSE…

Market Data + Trends

Less Dense Areas Remain Most Popular for Buyers

The National Association of Realtors says the uncertainty of the delta variant’s impact, remote work, and starting families are three big factors…

Market Data + Trends

Prospective Buyers Continue to Turn Active Despite Competitive Market

The share of prospective buyers turned active buyers has continually increased for the past six quarters, and the second quarter of 2021 was no…

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.