Median Home Prices Climb While Supply Tightens

For Sale Real Estate Sign in Front of Beautiful New Home

Southern California’s median home price climbed to a high not seen in more than four years even as sales plummeted. This is the latest sign that the housing market is becoming increasingly competitive, with fewer homes available for purchase. 

Sales have declined for the first time in nine months while California is experiencing a shortage of affordable properties, according to real estate research firm DataQuick. As this surfaces so does the national average of foreclosed homes hit a nearly five year low.

The regions median sales price was at $315,000 last month which was up 1.9% from August and 12.5% from September, as DataQuick reported.

Sales fell 20.4% from last year and were down 1.6% from the month prior, with a total of 17,859 newly built and previously owned homes bought across the region.

Most of you may be thinking of interest rates and bidding wars, call an agent at JohnHart to look into the current market and learn more about what your money can buy today.

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