most March sales in 14 years, new price record – Daily News

Home sales in Los Angeles County continued in March, rising 17.2% to a new high, 34% above last year’s blockade.

Bulimia nervosa occurred because vaccination reduced the risk of coronavirus and alleviated the widespread economic challenges of the pandemic.Interest rates remained low and inventory of homes to buy was limited Difficult to live a house hunter seeking a new or wider living space.. DQ News / CoreLogic’s report on closed transactions in Los Angeles County from March …

amount of sales: 7,618 existing and new homes were sold, an increase of 34% annually. Sales increased in March in 2007. Last month it was 19% above the average pace for the 10 years in March.

Last 12 months? 75,055 Los Angeles County Purchases — 1.4% increase over the last 12 months, but 3.3% down from the 10-year average.

price: The median county-wide $ 750,000 increased by $ 110,000 or 17.2% over the 12 months. Over the last 10 years, we have averaged an average annual profit of 8.4%. The latest median breaks the record of $ 715,000 from October. Six records have been set in the last 12 months.

And what is the price since the Great Depression? It increased by 36% from the peak of the bubble era in the 2000s.

Let’s take a look at the main parts of the Los Angeles market in March …

Existing single-family home: The number of sales was 5,026, an increase of 29.9% in one year. The median is $ 825,000, an increase of 21.3% in 12 months.

Existing Condo: Sales were 2,194, an increase of 40% in 12 months. The median is $ 601,000, an increase of 11.3% over the year.

Newly built: Builders sold 398 new homes, up 58% annually. The median is $ 821,000, an increase of 17.8% in 12 months.

Builder sharing: 5.2% of sales compared to 4.4% of the same period of the previous year. The Los Angeles County builder market slice ranks fifth among the six counties in Southern California.

Price rank: When comparing the median of Los Angeles County with the other five counties in Southern California: 2nd overall. Second place in resale of single-family homes. No. 1 in resale of condominiums. And a second for a new home.

How cheap is the money? The 30-year fixed rate mortgage rate averaged 2.88% in the three months to March, compared to 3.51% in the previous year. This means that the purchasing power of house hunters will increase by 8%.

At these rates, buyers who are down 20% pay $ 2,490 per month for a median sale of $ 750,000, compared to $ 2,303 for a median of $ 640,000 last year. Therefore, typical home payments over the past year have increased by 8.1%.

How thin is the supply? According to Zillow, there were 36,241 homes for sale in the area as of February, compared to 49,000 in the previous year.

So is there this market risk? No, despite what many industry cheerleaders might say. Soaring prices raise serious “affordable” concerns.

Around Southern California, according to the latest DQ News closed sales report …

6 counties area: 24,885 were sold, up 32.2%. 12 months or more. The median price was a record high of $ 630,000, up 15%.

Orange County: 3,895 were sold, up 38.5%. Median? Record $ 835,000 — 11% increase.

Riverside County: Sales of 5,016, up 37.5%. Median? Record high of $ 476,750 — 18% increase.

San Bernardino County: Sales were 3,234, an increase of 29.3%. Median? Record $ 429,500 — 18% increase.

San Diego County: Sales were 4,112, an increase of 22.4%. Median? Record $ 680,000 — 15% increase.

Ventura County: Sales increased by 1,010 and 24.2%. Median? $ 658,000 — 12% increase.

most March sales in 14 years, new price record – Daily News Source link most March sales in 14 years, new price record – Daily News

Related Articles

Back to top button