The growth in prices for homes in these major metros has been astonishing compared to last December. Homeowners who held onto their homes have been rewarded with hefty increases in sold prices. Still, the supply of pending sales is down. Let’s look at some of the major metro areas’ statistics:
- Metro LA: In December, average house prices fell 0.8% to $625,250 (still 13.7% higher than December 2019. Home sales rose 14.3% from last month.
- LA County: Average house prices rose 6.8% to $709,500 from $664,160. Home sales were up 30.5% from December 2019.
- SF Bay Area: December average home prices were up 53.8% from December 2019 at $1,058,000. Sales of houses rose 40.2% from December 2019.
- San Francisco: Average house prices fell 6.9% to $1,581,000. Sales increased 53.8%n from December 2019.
- San Diego: Home prices fell to a new median price of $730,000. Sales rose 30.3% from December 2019.
- Orange County: Home prices rose 2.2% to $950,000. Sales rose 25.1% from December 2019.
- Sacramento: Home prices fell 0.1% from the previous month to an average of $442,250. Sales rose 1.6% from the last month.
- Monterey: Home prices fell 0.1% from the previous month to an average of $785,000. Sales rose by 1.6% from last month.
Pending sales leveled off from the rampant pace in late summer, but overall, there was a significant increase in home values and a continued lack of inventory.
If you are looking to invest in real estate this year – as a home buyer or landlord – get ahead of the race by consulting a mortgage broker to see what you can afford and secure pre-approval. If you want faster financing or don’t qualify for a conventional loan, Sun Pacific Mortgage is here for you with private financing. Give us a call at 707-523-2099 to learn about our many lending programs that can help your dream of homeownership come true.