Posted on 09/23/2020 2:18:07 PM PDT by BenLurkin
The six-county regions median price reached $600,000 in August, up 12.1% from a year earlier, according to data released Wednesday by DQNews.
That was the largest percentage increase since 2014 and the third consecutive month during which prices set a new all-time high. Sales rose 2.4% from a year earlier.
The price leap may seem unlikely amid double-digit unemployment, but analysts say the trend reflects the uneven effect of the coronavirus and its economic fallout.
Compared with low-wage workers, people who tend to have the financial ability to buy homes have been less likely to lose their jobs, and in some ways, their ability to purchase a house has only expanded.
Interest rates have plunged, with the average rate on a 30-year fixed-rate mortgage now below 3%. And many typical entertainment and recreational activities are still closed or operating at reduced capacity, leading some households to save more at the very time they realize they could use much more space.
Part of the sharp double-digit increase in the median is simply its definition.
The median is the point at which half the homes sold for more and half for less and thus reflects not only actual increases in value but also the types of homes selling at any given moment.
Because the economic downturn has fallen unevenly on different segments of society, theres been a sales shift toward the top end of the market, said Jordan Levine, deputy chief economist at the California Assn. of Realtors.
(Excerpt) Read more at latimes.com ...
My wife is from Vancouver and my Brother lives there. The bring money element is smart but too many Chinese too fast. I despise the place and dont care much for first gen Chinese people.
Very familiar. They replace thousands of Caucasians not limited to Mexicans. Entire cities are now thirty to sixty percent Chinese owned and rising. Many many absentee owners still living in communist china too
How many of those living in southern California own homes?
Kalifornians. Sheesh.
Thankfully we have had very little shooting and terrorism. We had very minor, small BLM “march” where there were no black people participating and some rioting in high income areas. And frankly, I think those were masterminded by outsiders.
No, we’re not perfect. And, yes, taxes are a pain. But the great weather in Los Angeles is worth it.
I long for the days when Califiornia was a blue state ....it was, and Ronald Reagan was our governor.
California is going Venezuela.
I lived there before Chavez and Maduro. It was great. A friend bought an apartment for about 25,000 Bolivers. A wise investment then. At that time the Venezuelan Bolivar was tied to the USA dollar. His apartment is worthless today. His apartment is worth what the central government says it it is worth.
He is dead now not do to Venezuela but just age.
I saw a very significant uptick in the communities and they are thriving economically. I do not have a problem with Chinese living here especially if they are improving their communities, building business and ...so far, it’s been good.
No, typing is not my forte...especially proof reading.
As I say I have lived here over 70 years. My family is in farming, coming from large Catholic families. We have thrived in small farming towns in CA and in Los Angeles in the stockmarket.
So please tell us where in CA you live since you are an expert....or what state you live in. You appear to know exactly NOTHING about us. you sound like an outsider.
“I was told that the spike in prices is being caused by people fleeing the city and moving into surrounding suburban areas.”
3 Properties on my street in rural ME sold in the last few weeks. Portland Press Herald said this morning property prices are up 17% behind out-of-staters buying escape properties.
Its the weather
There is no doubt about it
I think you're right in a way..but you do realize that there is probably 10% of Venezuelans who are living large because they picked sides early......I'm not sure they care much about the other 90% now....
Capital gains if you sell.
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