Home Sales And Prices Climb 13% In January

Low mortgage rates and a desire for more space amid COVID-19 pandemic fuels Southern California's housing surge. In January home prices and sales jumped double digits in Southern California as prospective buyers rush to take advantage of historic low mortgage rates.

The data shows the hot housing market is extending into the new year. Real estate experts say there are several things contributing to this competitive market during the pandemic. The cost to borrow has plunged with rates dropping below 3% for the first time ever. In addition, many people who are spending more time at home are prioritizing having more space and willing to commute further due to working from home.

Last month, prices and sales rose in all six Southern California counties tracked by DQNews.

Los Angeles County: the median price rose 12.6% to $690,000, while sales climbed 14.3%.

Orange County: the median price rose 6.7% to $799,000, while sales climbed 22%.

Riverside County: the median price rose 17.1% to $455,364, while sales climbed 10.1%.

San Bernardino County: the median price rose 11.8% to $402,500, while sales climbed 20.7%.

San Diego County: the median price rose 9.4% to $640,000, while sales climbed 1.8%.

Ventura County: the median price rose 11.2% to $655,000, while sales climbed 16%.