According to the LA Times, Home prices in Los Angeles and Orange counties jumped 6.2% in November compared with a year earlier, and prices in San Francisco kept soaring, according to results from the Standard & Poor's/Case-Shiller index released Tuesday. The Southern California numbers are higher than the national increase of 5.3%.
To the north, San Francisco posted one of the highest gains in the nation, with prices jumping 11% from a year earlier.
Analysts said the gains were helped by an improving labor market and low mortgage rates. However, they said housing is not large enough to offset several weak spots in the economy, such as struggling business in the oil and energy sectors and a slowing market for exports because of a stronger U.S. dollar.
Local inventory continues on the low side while home prices continue to show strength. Overall most areas saw an increase in average sales price and a decrease is number of homes sold.
Here are some local number's, home prices for October-December 2015 vs. same period last year:
Glendale + 0.2%
Burbank + 12.0%
Toluca Lake + 2.9%
Pasadena + 8.9%
Studio City + 16.8%
Hollywood Hills - 9.1%
Valley Village + 4.3%
Sherman Oaks + 17.7%
Please let me know of any questions that I may help with or if I can provide you with specific information regarding your home! Ana Connell 818-795-8474, ana @anaconnell.com.
Weekly mortgage rates:
|30 yr. fixed rate||3.81||0.11|
|15 yr. fixed rate||3.10||0.09|
|5 yr. adjustable rate||2.91||0.03|
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