The new Covid 19 scare is serious and likely to discourage buyers to some extent. In Riverside, single detached homes rose $15,000 in price from May and in Orange County they rose $38,000, while in San Bernardino house grew by $25,000.
Buyers priced out of the housing market will turn to the condo market to avoid homelessness or moving far away to find another home or a rental. The price of a condo in LA county fell by $1,000 from May however sales picked up 6.5% from last month. Immigration is likely to add upward pressure once they begin arriving. Some of the demand will push forward into fall and mortgage rates are not expected to rise to slow that down. Sales in June rose 8.5% and as the economy finally does reawaken. Year to date home sales and prices well up vs 2020 across Southern California. See the list of most affordable neighborhoods and where the fastest rising prices are below. One third of the homes sold in June were over $1 million, vs 18% June of 2021. Single family homes in Los Angeles County rose 9.7% to $796,120 and that is up 28.5% from 12 months ago during the pandemic shutdown. June’s total sales were up 52% from a year ago. Sales last month totaled 27,012, the most for any month since August 2006. And 80% of homes sold in LA County were above asking price.
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