Name: 'A feeding frenzy': Southern California home prices up 15%
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'A feeding frenzy': Southern California home prices up 15%

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Copyright © 2022, Los Angeles Times | | | | Advertisement Southern California home prices soared in March, rising by double digits for the eighth straight month as a pandemic-fueled housing boom continues to go strong. The six-county region’s median home price increased 14.5% from a year earlier to a record $630,000, according to data released Wednesday from real estate firm DQNews. The number of houses, condos and town homes that sold rose 32.2%. A mix of factors is , which extends nationwide, real estate agents and economists say.The housing market was heating up before the pandemic. Since then, mortgage rates have tumbled and people are looking for more space. Also, millennials are quickly entering their early 30s, the age when many people become first-time homeowners. In Southern California, prices are rising in all corners of the region. Advertisement In March, slightly more than half of homes sold for over the asking price across Los Angeles. In some spots, the share was even bigger. How much longer such will continue is a question both buyers and sellers are eagerly asking. Richard Green, director of the USC Lusk Center for Real Estate, said falling mortgage rates during the pandemic enabled buyers to bid up the prices of homes while keeping monthly payments roughly the same. He doesn’t foresee people’s incomes allowing them to pay much more.Other analysts believe the wild ride will continue unless the reverses course or mortgage rates suddenly spike.Analysts at John Burns Real Estate Consulting predict that, come December, prices in Southern California will be up by double digits compared with the same month in 2020. By December 2022, prices will probably have notched an additional gain of roughly 6%, the firm projects.Rick Palacios Jr., the firm’s director of research, said low supply and an influx of investors into the market are among the reasons for those projections. “It is a feeding frenzy right now,” he said of the market. “It’s incredibly competitive.” The view from Sacramento For reporting and exclusive analysis from bureau chief John Myers, get our California Politics newsletter. You may occasionally receive promotional content from the Los Angeles Times. Show Comments Advertisement AdvertisementAdvertisementAdvertisementAdvertisementAdvertisementAdvertisementAdvertisement AdvertisementAdvertisement

Copyright © 2022, Los Angeles Times | | | | Advertisement Southern California home prices soared in March, rising by double digits for the eighth straight month as a pandemic-fueled housing boom continues to go strong. The six-county region’s median home price increased 14.5% from a year earlier to a record $630,000, according to data released Wednesday from real estate firm DQNews. The number of houses, condos and town homes that sold rose 32.2%. A mix of factors is , which extends nationwide, real estate agents and economists say.The housing market was heating up before the pandemic....

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'A feeding frenzy': Southern California home prices up 15%

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