Southern California home prices rose 1.9% in October, as the market heated up slightly.
Southern California home prices rose slightly in October, while sales jumped, the latest indication of a warming housing market.
The six-county region’s median price climbed 1.9% from a year earlier to reach $535,000 last month, according to CoreLogic data provided by DQNews.After years of sharp price increases, the housing market slowed markedly late last year. Sales plunged and this spring prices dipped for the first time since 2012.But recently there’s been signs of a pickup. Economists attribute the change to rising incomes and falling mortgage rates that have made housing relatively more affordable.
Average hourly earnings in California have risen by about 5% so far this year compared with 2018, according to the Bureau of Labor Statistics. And the average rate on a 30-year fixed mortgage was 3.66% this week, according to Freddie Mac, down more than a percentage point from a year ago. That change would save $260 on a monthly mortgage payment for a $535,000 house.In Los Angeles County, the median price rose 4.2% to $620,000, while sales climbed 5.6%.In Riverside County, the median rose 3.
For those priced out, there can be great costs. Many who can’t afford to purchase a home are stuck paying unaffordable rent, putting them at risk of being forced from their communities and, in the worst cases, onto the street. Beyond that crushing human toll, there’s an economic cost as well. An analysis released this week from the McKinsey Global Institute estimated the high cost of housing in L.A. County crowds out other spending and forces people into long commutes, reducing GDP by about 4% to 5%, or more than $30 billion annually.
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