It continues to be good news for the economy in Southern California, and it’s no different as far as the housing market is concerned. The year 2015 which just ended did so on a good note in the real estate business.
Home sales increased 10 percent from a year earlier across Southern California in December, the second biggest gain of the year according to one market tracker. I December of 2015 20,890 new and previously owned housed and condominiums change owners, up from 19,019 in December of 2014 say analysts. Along with that good news, statistics show that sales increased from the year-ago level in all six counties. The year-over-year gain was the largest since a 17 percent increase last July.
As expected along with the rise in sales, the law of supply and demand would call for prices to rise accordingly. The median price last month increased 7 percent from the prior year to $443,000 and inched up 1 percent from December.
In Los Angeles County, sales increased 8 percent from a year earlier to 7,198 properties and the median price rose 8 percent to $500,00. Sales soared 38 percent from 5,202 in November and the median price rose 2 percent.
In San Bernardino County, sales rose 11 percent from the prior year to 2,413 properties and the median price increased 7 percent to $272,000. Sales rose 24 percent from November while the median price dipped 2.5 percent.
So far in the first part of 2016 the trend seems to continue in the positive direction. Also there has been a rise in high end retailers and large companies moving into the Southern California area and especially into the Inland Empire. The return of ownership of Ontario International Airport to the city of Ontario is also expected to have an impact on economic growth for the areas business and housing markets.
When all things are considered, this year promises to be an exciting one for the housing industry and for the economy as a whole.