The price of homes here in Southern California has hit unprecedented heights. This is what recent statistics from CoreLogic indicate.
According to these numbers, in April of this year, the median home price in the region was $520,000. This number includes homes and condos, and is based off of sale prices for both new sales and resales. This median price is the highest the region has ever seen. It topped the record set in the previous month.
Orange County has an even higher median home price. It’s median for April was $720,000, the highest price among the six Southern California counties the CoreLogic report looked at.
The record high prices in Southern California have come about in part through major recent increases in home prices. The median price went up 7.2 percent in the region between last April and this April. While Orange County’s increase was lower, it was still substantial, coming in at 5.9 percent.
High home prices can have very big impacts within a housing market. They can present opportunities for sellers. They can also pose challenges for buyers, particularly when mortgage rates are also going up, which has been the case recently.
High prices can also make the stakes in real estate transactions especially high. Mistakes in such transactions could end up being very costly for buyers and sellers alike. So, real estate buyers and sellers here in Orange County and the rest of Southern California may find it particularly important to reach out for skilled guidance when entering such transactions to help stay clear of such missteps.