Southern California home prices
rose slightly in May, while sales jumped during the busy spring buying season.
The median sales price for the six-county Southland was $426,000, up 2.2% from a year earlier, CoreLogic said Wednesday. It was the smallest gain in three years, according to the real estate information firm.
The small increase shows a market heading towards normal which is about 4-5%
A greater share of homes sold in more affordable areas last month than a year earlier, Sales are improving, however, following a lethargic 2014. Buyers scooped up 21,644
As I predicted, buyers are looking to lock in low mortgage rates before the Federal Reserve gets around to raising mortgage rates. An improved economy has also provided a jolt by giving people more confidence to make a purchase, experts say.
Home sales climbed in all counties: Los Angeles, Orange, Riverside, San Bernardino, Ventura and San Diego.
In L.A. County, sales rose 1.4% from May 2014, while the median price climbed 5.4% to $485,000. In Orange County, sales were up 7.4% and the median price edged up 2.5% to $610,000.
