Playing the waiting game for home prices to go down for home shoppers are out of look. Orange County, Inland Empire recorded the highest price gains within the last 6 years. Reports show that Southern California house price gains are accelerating, and there's no end in sight for an 8 1/2-year streak of rising prices, home data firm Corelogic.
Home prices jumped in incredible 10.8% in the last 12 months ending in November in the Inland Empire, according to CoreLogic's Home Price Index. In Los Angeles County, prices rose 7.2% from a year earlier, and Orange County prices rose 6.5%.
Orange, Riverside, San Bernardino counties November's appreciation rates were the biggest in more than six years. L.A. County's price gain was the biggest gain in 2 1/2 years. Appreciation was more than double November 2019 rates - and triple appreciation rates in Orange County.
Despite the pandemic, home prices and sales have been strong since early summer. All-time low mortgage rates, high buyer demand, and a shortage of sellers because many may fear opening up their homes up to strangers are among the main reasons for the gains, Corelogic analyst said. Demographics also played a role, with the population rising for people in their 30s, considered the prime age for first-time homebuyers.
The pandemic has left many people in positions of financial insecurity, but those who maintained employment and income stability are......incentivized to buy given the record-low mortgage rates available. This is part of the reason we are having such a large buyer demand while for-sale inventory is in short supply.
As always, if you or if you know anyone looking to buy, sell, or invest in real estate. I would be honored if you would refer me.
Thank You,
Qierre McGlory
Keller Williams Realty
Realtor #01938370
(714) 577-2787
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