Many cities in California, including San Francisco, continue to be strong in the area of real estate. In fact, in some parts of the southern part of California in particular, the prices of homes have reached record highs. This may be exciting news for both residential real estate buyers and sellers in the Golden State.
The median home price in Los Angeles County increased by 7.4 percent compared with the year, reaching $569,000. This is higher than the record that was set in May. The median home price in Orange County increased by 6.1 percent from last year and ended up tying a record that was reached the month before at a whopping $695,000.
The prices of homes in California have been increasing for over five years now due in part to the growing economy. Other reasons for increasing home prices are a shortage of the homes available on the market, and mortgage rates that are rock bottom. These same factors have contributed to the surge in home prices throughout the country as well.
Throughout the United States, prices increased by 5.6 percent in May compared with the year before. As home prices continue to climb, buyers in California may benefit from jumping on residential real estate deals before prices continue to skyrocket even more. Likewise, sellers may benefit from selling their homes while the seller's market is still strong. An attorney in San Francisco can help with navigating a real estate transaction so that one's ultimate goal is achieved and one's personal best interests are protected.
Source: Los Angeles Times, "Home prices in parts of Southern California are at record highs -- and keep rising," Andrew Khouri, July 25, 2017