Southern California Housing Market Shows Signs of Awakening

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Real Estate News

Southern California,Housing Market,Sales

Sales in Southern California's housing market experienced a significant increase in February, with a 17% jump from January. Additionally, the median selling price rose by 5%, marking the largest January-to-February gain on record. While it is too early to determine if this is a long-term trend, these figures are promising after a period of slow growth in the market.

Has Southern California’s housing market awoken from its lengthy slumber? My trusty spreadsheet, peeking at February’s CoreLogic sales stats — the most recent available — found these record-setting nuggets … Sales: The 12,430 transactions completed in the six-county region — involving existing and new residences, homes and condos — represented a 17% jump from January. That’s the largest January-to-February increase in a database dating to 1988.

Southern California’s home prices took their biggest two-month dip in 12 years in December and January. And don’t forget that leap year that added a day to conduct business, too. Also, let’s remember any sales increase isn’t that surprising, considering just how slow Southern California homebuying has been. Despite the record one-month sales bump, this was the third-slowest-selling February since 1988 — and 27% below average. Southern California housing remains very unaffordable.

 

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