Southern California home prices jumped nearly 16% in November from a year earlier, showing how the market is still ultra-competitive despite a slight slowdown that began to set in several months ago.
Some buyers sat out the bidding wars after a particularly frenzied period last spring, but plenty of shoppers stayed the course, driving prices up to successive new records in recent months.
The region’s six-county median sales price reached an all-time high of $693,500 in November, according to data released Thursday by real estate firm DQNews. That’s 0.5% higher than in the previous month, October, and 15.6% higher than in November 2020. Sales rose 1.8% from that year-earlier period.
Some economists expect home price appreciation will slow to single digits next year, in part because they expect mortgage rates will rise. That could be more likely to happen after the Federal Reserve on Wednesday announced more aggressive plans to fight inflation, but for now average mortgage interest rates remain in the low 3% range.
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