In a recent LA Times Article, the latest real estate market and sales reports show a strong push in home prices and sales throughout Southern California. An improving economy and lack of inventory increased the median home price in Southern California by 2.4% from February 2015 to March 2015. According to this article, “job growth over the last year – as well as a period of subdued price appreciation is giving more people confidence to purchase a home in pricey Southern California, economists said.”
Whether or not home prices will continue to rise is uncertain. Economists are split on whether the trend will continue or taper, with a lack of inventory supporting the former as home buyers continue to bid-up and battle for properties.
Luckily, Spring inventory is starting to trickle through (much like our deserpate need for rain), albeit later in Spring than historically anticipated. A strong Q1 sales boost in housing markets across Southern California is indicative of the strong growth in demand that will carry over into the year.