Southern California Home Prices Continue to Rise
Southern California home prices have increased by 6.5% for October 2017 according to new reports. Home prices seem to be increasing as the demand grows due to the lack of inventory.
According to the National Mortgage News report, the CoreLogic research also revealed that the 6.5% increase was complimented by a 3.6% increase in home sales.
"Home prices have been rising each month on a year-over-year basis for more than five years," according to National Mortgage News.
"In addition to an improving economy, historically low mortgage rates have supercharged the market and allowed borrowers to pay more for a house, as long as they can scrape together a hefty down payment."
The median price of a home in the region has actually hit $495,000. That number however, is down $10,000 from the record-setting month go September, according to the report.
To learn more about the Southern California housing market, click on the image above.