March sales were up 14% from February – but that increase was the March smallest jump in 37 years of Southern California records
The budget-busting mix of rising mortgage rates and record-high prices squashed Southern California homebuying in March.
Lethargic homebuying, however, didn’t stop the six-county region’s median sales price from reaching a new peak. Prices rose 1.8% in March – and 8% in a year – to a record-high $753,000,What was almost as stunning was the meek sales momentum of March, a month that typically sees a huge bump in homebuying as the slow winter period morphs into a spring surge. Yes, the region’s March sales were up 14% from February, but that increase was the smallest jump in 37 years of Southern California records.
But affordability crumbled from already low levels due to pricier financing and stubbornly high prices. That combination pushed many potential buyers out of the market.. Rates as measured by a 30-year loan benchmark from Freddie Mac averaged 6.82% in March, up from 6.64% in January and 6.54% a year ago.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Baby dies after being found in lanes of traffic on Southern California freeway; 2nd child injuredThe baby girl, estimated to be 5-6 months old, was found in lanes of traffic on the northbound 405. She was pronounced dead at the scene.
Read more »
37% more Southern California workers added in March than averageSouthern California’s bosses added 27,800 workers in March
Read more »
Southern California Edison could increase electricity fees for some California residentsAn extra $24 could be added to SoCal Edison customers' bills this summer. Here's why.
Read more »
Southern Illinois will get its 2nd solar eclipse in a decade this yearMeredith is a regional Murrow award-winning Certified Broadcast Meteorologist and science/space correspondent. She most recently was a Freelance Meteorologist for NY 1 in New York City & the 19 First Alert Weather Team in Cleveland.
Read more »
With US Workers on the March, Southern States Take Aim at UnionsJessica Corbett is a senior editor and staff writer for Common Dreams.
Read more »
Fort Worth: 2nd man facing murder charge in fatal March shootingJarrett Lane, 19, faces charges of murder and assault causes bodily injury in connection with the fatal March 5 shooting, a police report said.
Read more »