Southern California home prices jumped in February, posting the largest increase in more than a year, as buyers rushed to outbid one another for a meager selection of homes for sale.
The six-county region’s median price for new and resale homes hit $460,000 last month, up $5,000 from January, real estate firm CoreLogic said Tuesday. The median — the point where half the homes sold for more and half for less — is now 7% higher than it was in February 2016.
That’s the largest year-over-year rise in 15 months and follows nearly five years of steady price increases, a result of a rebounding economy, low mortgage rates and few homes on the market.
Low inventory — as well as one fewer day to record sales last month than in February 2016, which included a leap day — probably had a role in the 1.7% decline in sales from a year earlier, CoreLogic said….
…In Los Angeles County, February’s median price increased 7.9% from a year earlier to $525,000; in Orange County, 5.7% to $645,000; in Ventura County, 4.2% to $520,100; in San Bernardino County, 7.3% to $295,000; in Riverside County, 10% to $346,500; and in San Diego County, 8.1% to $492,000.