The latest figures released from CoreLogic's Home Price Index show that LA County had the highest appreciation, up 7.6% in the last 12 month period, followed by 7.4% for the Inland Empire (they have more to make up for past losses) and 5.9% for Orange County. The increase in Orange County for the first half of 2018 is 6.2% however. Why are prices rising? Lack of inventory is the primary booster. The forecast is for a slowdown in price gains, however.
What does all this mean for homeowners and prospective homebuyers? Don't delay if you are looking to buy a home or investment property, as both rates and prices will continue to rise, at least in the short term. If you have been thinking of a remodel or accessing some of the equity in your home for other major purchases, or debt consolidation, best to move sooner than later. Interest rates are still very low from a historical perspective. It isn't always best to refi your current loan, though. In some cases a HELOC may be a better solution. We always look at all the options, to assist a client in making the right decision.