What is the significance of $650,000? For most markets in Southern California, that seems like an entry level price of a home. In some counties, you would be lucky to find a 2 bedroom condo for $650K.
In July 2021, $650,000 was the difference between California’s median home price in Orange County ($1,090,000) compared to San Bernardino County ($440,000). Even though these two counties have a drastic difference in home prices, they are only driving distance from each other.
Price differences in homes can also be extremely different within a single county. For example, home prices in Covina differ from those in Pasadena (LA County). Same is true for home prices in Anaheim compared to homes in Newport Beach (Orange County). You will also find price differences in Rialto homes vs. Upland homes (San Bernardino County).
According to the California Association of Realtors research, “July’s statewide median home price was $811,170, down 1.0 percent from June and up 21.7 percent from July 2020″.
The statistics for July 2021 for unsold inventory index and median time on market are indicative of this fast paced real estate climate. In Southern California, Median Days on Market were 8 days in July 2021 (compared to 17 days in July 2020).
Looking for a soundbite from housing experts? Here is what C.A.R. President Dave Walsh had to say about the July report:
“The California housing market continues to normalize from the white-hot conditions we experienced at the height of the pandemic with both sales and prices moderating as we slowly transition from the peak home-buying season into the fall. The market remains solid, however, as sales were still the second highest level for a July in the last six years, and the statewide median price continues to perform above last year’s level by double-digits. Housing supply, while improved, remains tight and market competition is still heated with homes flying off the market in record time.”
Source:
*https://www.car.org/aboutus/mediacenter/newsreleases/2021releases/july2021sales
