Southern California posted its first big jump in home prices this December for the first time since June, according to the Los Angeles Times. While the median single family home price has been steadily picking up over the past year, it has seen several drops along the way that halted a potential big spike.
Altos Research, a California-based real estate data analyst, posted a median single-family home value of $835,213, yet the price increases still point the market in the direction of the seller. This is indicative of the incredibly low inventory–only 234 properties were on the market as of January 10–with a 93-day average homes spend on the market in the area.
“The pitifully low inventory is the main culprit,” DataQuick President John Walsh told the Los Angeles Times. “The jump in home values over the last year suggests we’ll eventually see a lot more people interested in selling their homes, which would help ease the inventory crunch.”
Real estate in Southern California went through a roller coaster throughout 2013, starting off the year with a hot market in high demand. The predicted summer slump set in, and while the market did improve overall, its inconsistency left a damper on recovery. Experts believe this year will see more sustainable ups and downs.
Specifically in Huntington Beach, the total inventory rose for much of the year at a steady pace until September. The seven-day average saw a massive drop in October that only peaked slightly between November and December.
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