SoCal home sales rose 10.4% for the year ended in September 2019, the largest year-over year jump in nearly 3 years

 

 

A dramatic drop in mortgage rates to below 4% — a tumble that was as much as a record breaking 1.33% drop motivated buyers to act in 2019.

 

Here’s how the selling broke down in key Southern California niches.

 

Existing single-family homes: 13,365 sold — up 11.8% in a year. Median price: $560,000 — up 3.2% in a year.

 

Existing condos: 4,236 sold — up 13.6% in a year. Median price: $450,000 — flat in a year.

 

New homes: 1,652 sold, down 3.2% in a year.

 

Median price: $552,000 — down 3.6% in a year. Builders’ share of all sales was 8.6% vs. 10.1% a year ago.

 

And buyers have fewer choices with 42,577 listings, down 9% in a year.

 

County-by-County Homebuying (Sept 2018-2019)

 

Los Angeles: Sales rose 7.3%; its median of $618,000 was up 3.9% in a year.

 

Orange: Sales rose 13.1%; its median of $723,000 was down 2.3% in a year.

 

Riverside: Sales rose 11.5%; its median of $393,000 was up 2.1% in a year.

 

San Bernardino: Sales rose 6.5%; its median of $351,000, up 5.7% in a year.

 

San Diego: Sales rose 14.7%; its median of $570,000, down 0.9% in a year.

 

Ventura: Sales rose 15.5%; its median of $588,500, down 0.3% in a year.