According to the LA Times, Los Angeles County's median price rose to $494,000 in September, a 21.4% gain over the year-ago price, on a 4.6% gain in sales volume. Orange County posted a median price of $610,000, a 14.4% year-over-year gain on a 13.6% gain in sales. The Inland Empire continued to show strong price and sales gains. San Bernardino County's median rose to $352,000 on a 7.4% gain in sales, while Riverside County's median hit $391,000, up 15.7% on a 11.6% jump in sales. San Diego County's median price was $498,000, versus $480,000 a year ago, which is a 4.7% drop in sales volume. For more details, click here.
As mentioned earlier, San Bernardino County's median-home price reached a record of $352,000 last month, the largest annual jump in the still-strong Southern California real estate market. Inland home sales last month also set a record for September, undeterred by rising interest rates. The Southern California housing market remains hot, with the Inland region showing greater-than-average strength because of its affordability, job growth and new-home construction, said Robert Kleinhenz, deputy chief economist with the California Association of Realtors. Home builders and real estate agents say they are surprised by the persistence of strong sales and rising prices. "We have not seen any slowdown (of sales) in any price point, whether it is first-time buyers or move-up buyers," said Scott Laurie, president of the Inland division of KB Home. "Our Riverside projects are even hotter than they were last year." Bob Yoder, president of Shea Homes Inland Empire Division, said his company is closely monitoring the market for any signs of weakness, but hasn't seen any. He said Shea, like other builders, is not raising its prices as aggressively from one phase to the next as it did a year ago. He said the market cools as the holidays approach, "but there are still a lot of shoppers." Click here to read the entire article.
That's it for today, I hope everyone is having a great week!
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
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tina.jan@coldwellbanker.com
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