Low mortgage rates are challenging the stereotype of Californians fleeing the expensive state. Those with money to spend who are in the market for a house can’t resist the historically low rates, and even the most expensive markets in Southern California saw a surge in home prices and sales in October.
Southern California's recent surge in home sales and prices continued into October, marking the second straight month of year-over-year sales gains in all six counties.
The median price of a resale house in the Los Angeles metro area — or the price at the midpoint of all sales — was $545,000 in October, unchanged from the previous two months but up 5.6% from the previous October, the California Association of Realtors reported on Nov. 18.
Sales rose year over year for the second month in a row in the L.A. region — which includes L.A., Orange, Riverside, San Bernardino and Ventura counties. Transactions increased 6.2% from October 2018 levels, the second-biggest gain among California metro areas, CAR reported.
