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Holiday home shopping more expensive as median home prices climb

Posted by The Aramco Group on Tue, Dec 5, 2017 @ 14:12 PM

Home prices in Southern California climbed 6.5 percent in October from a year earlier, the sixty-seventh consecutive month of year-over-year increases. According to CoreLogic, the median price of a home in the six-county region is now hovering near $500,000, just below all-time highs.

"The thin inventory of homes for sale, coupled with job growth and other factors, suggest continued upward pressure on home prices and rough going for first-time buyers," said Andrew LePage, an analyst with CoreLogic.

In San Diego the median price of a single-family home has climbed to $529,750. California's home prices are more than double the national average and online real estate marketplace Zillow predicts another three percent increase in 2018.

Despite more than five years of continuous price increases, the housing market remains robust in part due to mortgage rates being near historic lows. Today, conforming no-point 30-year fixed rates are averaging 4 percent while 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.