Southland home prices soar 28.3% in June — a year-to-year record
Southern California home prices skyrocketed more than 28% in June compared to a year ago, real estate information firm DataQuick reported Wednesday.
The dramatic 28.3% jump was greater than any year-over-year pop seen during the housing boom and the most since January 1989, the first time DataQuick generated the figure.
“This market’s getting really interesting,” DataQuick President John Walsh said Wednesday in a news release announcing the figures.
Walsh said there are signs the “blistering pace” of rising home prices won’t continue, citing rising mortgage rates and the belief that the price gains will spur more home owners to place their houses on the market.
The housing recovery began to take off last year as foreclosures declined and low interest rates spurred home buyers into action amid an improving economy. Traditional home buyers and investors have battled over an extremely low number of homes for sale, creating bidding wars and driving up prices.