An article posted by the LA times states that the month of May was a good one for the Southern California housing market. It’s been the best May since 2013 according to a new CoreLogic DataQuick. A total of 21,644 new and existing homes and condos sold in the six county region of Southern California. The data report is showing that it is a sign of at least a “normal” housing market, good news for the people of sunny Southern California.
There are fewer distressed property sales, foreclosures, and all-cash purchases in the region as a whole which is a good sign for the housing market as it continues to slowly continues to head toward normalcy. The local economy and job growth has much to do with this edge in the market, as this will continue to allow for a strong housing demand.
One important factor in keeping this edge towards a normal housing market is interest rates. If the rates remain steady then this will allow for the buyers and sellers to remain active. For Southern California as a whole, median housing prices rose slightly but still fell short from it’s peak in 2014. All in all, these are good signs for the housing market in Southern California, but there are many pieces to the puzzle that keep it in place.
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