New data on Southern California's housing market reveals the estimated time between listing and escrow is 23 percent faster than in 2016.
CoreLogic reported home prices in the area for September rose, boosting the regional median to $505,000 for the first time in 10 years. The Orange County Register cites a homebuying surge in the area in late-summer, pushing housing prices to record highs.
“The storyline for 2017 is that there simply have not been enough homes on the market, fueling the already hot demand,” said ReportsOnHousing’s Steve Thomas. “Continued low rates have also stoked the fires of demand here in SoCal. Home values have been on the rise and will continue to march upward as long as the inventory shortage continues, which it will in 2018.”
