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South Cali’s house market rises
29 Aug

Home sales in Southern California witnessed an increase in July, compared to the previous year. 

The rise was the first time sales climbed in 12 months, providing a break for the region’s sluggish housing market.

The six-country average price – the level at which half the homes sold for more and half for less – edged 1.9% higher in July compared to the same time last year, hitting $540,000.

CoreLogic Inc, the company which published the data on Wednesday, linked the 3.7% sales growth to a number of different factors, such as declining mortgage rates, modest prices and an increase in inventory. The agency, which provides property and consumer information, also attributed the gains to the fact that July 2019 had one more business day when compared to the same month last year. Justifying the difference would only produce a slight fall in sales. 

According to CoreLogic analyst Andrew LePage: “The flattening of price growth and lower mortgage rates can make a meaningful difference for some.”

When examined county by county, the housing market was varied last month. IN Los Angeles Country, the average price recorded the largest growth since November, posting gains of 5% to $635,000. The median was also up in Riverside County by 2.9% to reach $395,000. Sales in the same region also surged 8.6%. San Bernardino County also witnessed a rise in the median price by 4.6% to $340,000, while sales also hiked 3.3%. 

Although the median remained stagnant in Ventura County and San Diego County at $595,000 and $580,000 respectively, sales edged higher in both areas by 6.2% and 10.1%, respectively. The only region which recorded a drop in its media price was Orange County, which also experienced a slight tumble in sales. 

According to Beacon Economics founding partner Christopher Thornberg, the data points towards an escalating market, as more buyers act on lower rates and grow increasingly hopeful that prices are heading upwards. 

“People are jumping back in again,” Thornberg said, expecting the positive sentiment to continue, subsequently resulting in an increase in price growth. 

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