For the eighth time this year, home prices in Southern California have reached a new high. According to DQ News/CoreLogic, the median price for a home in the region hit $690,000 in October. This is up $85,000 or 14 percent over the last 12 months and the eighth time this year that prices have set a new record.
In addition to paying more, home buyers are also acting quicker. On average, a home in Southern California sat on the market for a mere 12 days before going in to escrow, according to Zillow.
A shortage of homes for sale is driving the price increases and the need to make offers faster on the few available properties on the market. Listings remain 15 percent fewer than they were in October 2020.
Low mortgage rates are further drawing more home buyers to the housing market. Those looking to purchase a home will find conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.