The Southern California housing market showed signs of heating up in September, as sales and prices rose.
A sluggish Southern California housing market showed signs of heating up in September, as prices rose modestly and sales jumped by the largest amount in nearly three years.
The rate on a 30-year fixed mortgage has risen slightly in recent weeks but, at 3.78%, is still more than a percentage point lower than a year ago, according to Freddie Mac. The change saves $263 a month on a mortgage payment for a $533,000 house.“Interest rates have really brought a lot of buyers out of the woodwork,” said real estate agent Joe Manjarrez with Century 21 Realty Masters. As evidence, he pointed to a recent listing of his: a three-bedroom in Whittier listed at $539,000.
The numbers from DQNews represent closed deals, meaning many buyers would have opened escrow in August and July. The number of homes listed for sale had swelled through much of 2018 and 2019. But inventory in L.A. County in September was nearly 12% below a year ago levels, according to online real estate brokerage Redfin. And similar drops were seen elsewhere in Southern California., that could put upward pressure on prices.
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