In the month of May, Southern California had it's biggest price gain in nine years which puts sales at a seven-year high!
Last month, home purchases jumped 19.5 percent from the year before. The median price paid for all new and resale houses and condos in the six-county region increased by 24.7 percent.
Due to the low mortgage rates and thin inventory of home for sale, the real estate market is in full recovery.
Of course, there is speculation of whether we have entered another housing bubble. Remember that the prices are heating up because of the low inventory and housing is becoming an attractive investment for many home buyers.
Source: Daily News Los Angeles
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