Wow- So much for south central properties. The number of houses selling for more than 5 mill reached an all time high last year. -even more than in the height of the real estate bubble. Houses selling for more than 1 million were as high as in 2007.
Case Shiller, one of the largest gatherer of data for the housing market has reported that home prices were up big time from last year. Not that this is news to us unless you never read a paper. Phoenix and Las Vegas were the big winners but L.A. also rose over 7% from last last year in November. Prices dropped a little last month but that is due to seasonal factors.
Median home price in southern cal. rose almost 20% year over year last month. Keep in mind that the median is the number at which half of the homes sold were higher than that number and half were lower. It’s affected by the number of higher priced homes that sold.
Housing prices are rising at the fastest pace since 2005. Construction is up big time.
Low supply could change quickly and interest rates could rise once the feds stop manipulating them. As prices rise,less people are upside down and will put their houses on the market.