Orange County home prices officially hit an all-time high at $824,450 for the median sale price. The median in Los Angeles County jumped over 13% to $528,950. But the priciest homes in the State of California are still in the Bay Area, with medians over $1 million. WOW. Much of the increase in prices can be attributed to scarcity of inventory. There just aren't enough homes for sale to meet demand, thus the increase in price. Still, the median for the entire state is $564,830, up almost 9% over the prior year.
What does this mean for you? Well, if you are a home buyer, you'd best be fully pre-approved so you can offer a short escrow/contingency period. Here at Catalyst, we call that our Keys On Time program, guaranteeing close in 20 days.
If you are a current homeowner, your equity just increased quite a bit. This is a great time to consider that remodel or new roof, etc. Or, debt consolidation if you've got a floating Line of Credit on your home...time to lock that rate in.