Southern California’s housing market surged in July, as buyers plowed into the market despite the overall economic uncertainty.
Home sales and home prices rose from June to July, according to the Los Angeles Times, with Southern Californialargely mirroringnational trends.
Sales of new and existing homes in Los Angeles County and the five others in the region rose 27.7 percent compared to June — though just 2.5 percent is year-over-year. The median sales price climbed 8.5 percent year-over-year to a new record of $585,000 — the largest percentage jump since 2018.
In L.A. County, 34.6 percent more homes sold in July than in June, although the number of homes sold in July was 2.3 percent lower year-over-year. The median home price rose 5.5 percent to $670,000.
While June also sawmonthly increasesin median sales prices and sales volume, it recorded a year-over-year decline in the number of closed sales.
The coronavirus pandemic brought housing markets to a near-halt for about two months. But historically low mortgage rates, pent-up demand, and the desire for more space among potential homebuyers have all contributed to the rise in sales.