SAN DIEGO (KGTV) – Southern California home sales hit a record median high of $519,000 in March, according to CoreLogic analysis.
20,883 houses and condos were sold in San Diego, Los Angeles, Riverside, Ventura, San Bernardino and Orange counties last month.
The median sale price showed a 37.1 percent gain month-over-month but a drop of 6.2 percent from the previous year.
- San Diego $550,000
- Orange $725,000
- Los Angeles $585,000
- Ventura $565,000
- Riverside $375,000
- San Bernardino $305,000
“March 2018 marked the 72nd consecutive month in which Southern California experienced a year-over-year increase in the median sale price,” said CoreLogic analyst Andrew LePage.
Coldwell Banker realtor Charles Moore sees no end in sight for the crunch.
“Currently our inventory is so low, we have a real supply and demand problem,” said Moore. He sees especially high demand within a few miles of San Diego’s coastline.
CoreLogic reports that absentee buyers, mainly investors and vacation home buyers, bought 23 percent of California homes in March.
Moore supports the figure. Foreign buyers make up some of his San Diego County sales.
“China is always a big part of our business, especially during Chinese New Year when they’re here on vacation,” Moore says. “Compared to Los Angeles, San Francisco and Seattle, our coastal prices are considered a bargain.”
For the median priced homes, Moore sees the tech community buying at the $550,000 level.
Others buy investment condos at that price point to rent for up to $3,000 per month, Moore says.
But it’s a squeeze. Jumbo mortgages, which are loans exceeding the conforming loan limit, made up almost 15 percent of home purchases in Southern California.