LOS ANGELES, May 25 (Xinhua) – Home prices in six Southern California counties, including Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura, rose to an all-time high in April as the local real estate market became even hotter.
Data released by DQ News / CoreLogic on Tuesday showed that the average home price in the six-county region rose 20.2% year-on-year to a record $ 655,000, $ 25,000 more than previous record average price set in March and $ 110,000 more than in April last year.
Meanwhile, home sales in April in the region almost doubled the levels of the previous year, jumping 86.2% year-on-year with a total of 25,857 transactions, compared to 13,889 in April 2020 .
The average price of housing in the region set record highs seven times in the last twelve months and the company’s professionals noted that they had not lived in this situation for many years.
“The big story is how much house prices are rising right now,” Nicole Bachaud, an economic data analyst at real estate website Zillow.com, told Orange County Register newspaper: “It’s definitely a market like we haven’t seen in much time “.
The Los Angeles Times quoted Jordan Cohen, a real estate agent, who had never seen so many skilled buyers struggling to buy a property and who was the most competitive residential real estate market he had seen in 31 years.
Zillow’s figures showed that approximately 42 percent of sales in the Los Angeles-Orange County market were above the seller’s selling price.
Not just in Southern California, there have been gains in house prices across the United States, the Orange County Register reported, Tuesday’s report on the S&P CoreLogic Case-Shiller house price index shows that the national house price index rose 13.2% in March.
Phoenix, San Diego and Seattle recorded the highest year-over-year gains among 20 cities tracked, with increases of 20 percent in Phoenix, the capital of Arizona.