The most recent data indicates that the Southern California real estate market continues to do quite well. In addition to experiencing an increase in home sales, the region has also experienced an increase in home prices. Similarly, the sale of homes priced at more than $500,000 has seen an increase as well.
Southern California Home Sales on the Rise
Recent data shows that the number of homes sold in Southern California has increased by 18.1 percent when compared to the same time last year. In all, a total of 24,378 new and existing homes and condominiums were sold within the region that consists of Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties. This represents a 12.1 percent increase when comparing June sales to May sales. As such, June sales reached the highest they have been in the past nine years while also rising more sharply on a year-over-year basis than they have in nearly three years. In addition, the year-over-year gains that have taken place within the region over the past five months represent the longest span of year-over-year gains Southern California has experienced since the first half of 2013.
Home Prices Continue to Rise in Southern California
Just as the number of homes being sold has increased, so has the price of homes in Southern California. Over the past year, home prices have increased by 5.7 percent to $442,000. This represents a 2.8 percent increase from the $430,000 median sale price that was achieved in May 2015. Despite the fact that June’s median home prices were the highest they have been since October 2007, at which time prices reached $445,000, it is still 12.5 percent below the peak median price that was achieved in March, April, May and July of 2007. At this time, prices reached $505,000.
The median prices of homes increased in all six of Southern California’s counties when compared to last year’s data. Specific data for each is as follows:
- Los Angeles County: Increased by 8.7 percent to $500,000
- Orange County: Increased by 4.9 percent to $629,500
- Riverside County: Increased by 5.5 percent to $315,000
- San Bernardino: Increased by 12 percent to $268,750
The number of homes selling for $500,000 or more in Southern California is also on the rise. In June of 2015, homes within this price bracket accounted for 41.7 percent of all sales. This is up significantly from this same time last year, at which time homes of $500,000 or more accounted for 37.9 percent of sales. The June figures represent the highest these numbers of been for any given month since September 2007, at which time homes of $500,000 or more accounted for 44.4 percent of sales.
The continually improving health of the Southern California market can be attributed to many factors. Among these are the fact that the region has continued to experience job growth. In addition, low mortgage rates and increased consumer confidence have helped to keep the housing market moving forward.
If you are interested in purchasing a Southern California luxury home, we would love the opportunity to show you the area’s most exclusive neighborhoods. We are a luxury real estate company who specializes in exquisite properties throughout Southern California. Please contact us so that we may assist you with your luxury real estate needs.
Looking into a luxury home property in Southern California priced from $3 million to $6 million? Check below or contact us.
$4,369,000 : 1317 CORDELL Place, Los Angeles3 beds, 3 baths
$4,499,000 : 846 WARNER Avenue, Los Angeles5 beds, 4 baths
$3,450,000 : 1 W CENTURY Drive #8D, Los Angeles2 beds, 3 baths
$3,595,000 : 10479 WILKINS Avenue, Los Angeles6 beds, 7 baths
$3,750,000 : 3060 Roscomare Road, Los Angeles5 beds, 7 baths
See all City of Los Angeles Luxury Homes For Sale.
(all data current as of 8/17/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.