Sales Pace Surge and Price Appreciation in SoCal
The strong start to the year in the Southern California housing market continues to be borne out by the data. The median home price in Southern California climbed to $425,000 in March, a 2.4% gain over the $415,000 median price in February. The number of home sales increased by 11.4% from the year ago period. With supply in Los Angeles, Orange and San Diego Counties at approximately four months (six months is considered a balanced market), low inventory could push prices higher in the face of increased demand.
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