Southern California Real Estate Update
by Lydia Aguayo, real estate agent in Downey, Keller Williams Realty
Still A Strong Seller’s Market:
Southern California real estate remains very strong, mid way into 2017. All counties in Southern California have continued their upward climb in median home price appreciation. That’s great news for you if you are a seller.
Los Angeles County Median Home Prices:
Orange County Median Home Prices:
Downey Median Home Prices:
Here in our City of Downey, California, we have seen our median home prices increase by 5.4 percent, from $490,000 to $516,500, within the past 12 months alone.
During our last recession, U.S. housing construction plummeted by some 80 percent! As a result, we have seen a very slow and gradual return in new home construction. This in turn has caused many existing home owners to stay put and not put many of their homes for sale. Since 2010, the low but steady return of job, along with gradual but consistently improving economy, the demand for home ownership has exceed the supply of existing homes for sale.
The Good News For Home Buyers:
Although Southern California home buyers have had it more challenging as they seek home ownership in a low inventory market, there is a silver lining. That is that interest have remained at historic lows.
Home owners still have time to lock in a very low fixed interest rate before rates begin their own upward climb. Also, home buyers can leverage the skill and expertise of a good real estate agent to help them with that challenging home search.
As such, it is still a great real estate market for both sellers and buyers.