Prices for homes in the Southern California median increased by double digits for the fourth consecutive month. However, there has been a strong demand for housing during the COVID-19 pandemic
There has been a 10.8-11% increase from the previous year. Total sales role by 18.9% from November 2019. Experts states that the increase in the demand for housing was driven by mortgage interest rates as well as desire for additional space as people want to spend more time at home.
As the number of millenials are increasing, their desire to buy new houses during their late 20’s or early 30’s is another factor that is adding demand to the market.
The pandemic has created an ongoing importance for home-spaces as most of the public are not allowed to leave the house.
The Southern California Median sales prices hit an all time high in September, but declines slightly in October and November. But this also depends on the consistent seasonal trend.
The median defines what type of homes are sold and what people are demanding.
Another added factor is that many members of high-income households are less likely to have lost their jobs during the pandemic which led experts to state that their are greater shares of home sales in the luxury sector during 2020 than last year.
By Meena Atmakuri
