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SoCal house prices shoot up in October: Orange County, $786,000 and L.A., $580,360

By in Press Enterprise on November 17, 2017

By Marilyn Kalfus

The median price of an existing, detached single-family home rose significantly in Southern California in October compared with the same month a year ago, the California Realtors Association reports.

San Bernardino had the greatest increase: 12 percent.

Los Angeles County’s median climbed 8.1 percent. Riverside County went up by 7.5 percent, and Orange had the smallest hike of the four counties: 4.8 percent.

The median price — the midpoint of sales – was $786,000 in Orange; $580,360 in Los Angeles; $382,500 in Riverside and $274,450 in San Bernardino.

Statewide, the median price was $546,430, up 6.1 percent from $515,170 in October 2016. Sales were down 3.4 percent from a year ago.

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A low supply of homes on the market continued to put a crimp on sales, especially in the relatively affordable price ranges.

“As we enter the fall home buying season, we’re seeing signs of the market slowing as eroding affordability and persistently low housing inventory cut into home sales,” CAR 2018 president Steve White said in a statement.

“Moreover, the looming tax reform bill that eliminates important incentives that help first-time homebuyers and existing homeowners will only further adversely impact the housing market,” he said.

Other report highlights:

    • Statewide, listings declined in October, dropping 11.5 percent from a year ago. Listings have declined by more than 10 percent every month since the beginning of 2017.
    • Housing supply remains at “stubbornly low levels.” The statewide unsold inventory index dropped from 3.4 months in October 2016 to 3 months this October. The index measures the months that would be needed to sell the homes on the market at the current rate of sales.
    • Southern California’s shortage was especially notable. Every […]    

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