There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize,
Real Estate News
Skyrocketing Home Prices: Orange County No. 1, San Diego No. 3 Nationwide
The Challenge:
House hunters in Southern California are facing two of the nation’s steepest home-price increases.
The Data:
A review of April’s home price indexes from First American Data & Analytics, covering 30 major U.S. markets, including four in Southern California, reveals significant insights into the region’s escalating prices.
Significant Surges:
Orange County experienced a 10.2% increase in home prices, the highest among the 30 markets tracked. This surge includes:
- A 9.3% increase for “starter homes” (the cheapest third of homes sold), ranking sixth in the affordable category.
- A 10.3% appreciation for “luxury homes” (the priciest third of homes sold), marking the highest gain in this category.
San Diego saw the third-largest national increase, with an 8% overall rise in a year. This includes:
- A 5.8% hike for starter homes (No. 13 nationally).
- A 10.2% rise for luxury homes (No. 2 nationally).
Additional Insights:
Other Southern California markets also saw price increases, though more modestly:
- Los Angeles County: Overall home prices increased by 4.3% (No. 16), with starter homes up by 4.6% (No. 16) and luxury homes up by 4% (No. 18).
- Inland Empire: Overall home prices rose by 2.6% (No. 24), with starter homes increasing by 2.4% (No. 26) and luxury homes by 4.7% (No. 15).
SOURCE : DAILY NEWS
Real Estate Blog
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