Updated: Nov 3, 2017
According to Andrew Khouri of the LA Times, California Real Estate has seen an increase in median home price of 7.5% in value between 2016 and 2017 thus far.
Andrew Khouri of the LA Times, has recently written an article perfectly capturing the strength of the housing market in California. Andrew states that "in Los Angeles County, the median price in June (2017) jumped 7.4% from a year earlier to $569,000, surpassing the previous record set in May. In Orange County, the median was up 6.1% from 2016 and tied a record reached the previous month at $695,000."
The surge in housing prices is not expected to slow down according to Khouri's report. According to his research, a 5% annual increase may continue for the foreseeable future. The median home price increase in California can partially be attributed to the shortage of supply in the market given the increasing demand for homes.
“ The situation in California — which many agree has reached crisis levels — can largely be blamed on a mismatch of supply and demand, according to economists. For decades, they say, developers in California have failed to build enough homes for all the people who live — and want to live — in the state. ”
For more details on the report please visit the link below: