Became Los Angeles-Orange County and San Diegohouse priceIn the area with the largest growth, house prices rose 6% year-on-year in January 2024.
Although it is generally believed that the United Statesreal estateThe market has been flat in recent years but is still trending upward. Two regional real estate markets in Southern California top Case-Shiller’s rankings for price growth. The Case-Shiller is a widely used real estate index that tracks and reports real estate market trends across the United States. The index is compiled by Standard & Poor’s (S&P) in collaboration with global real estate market data analysis platform CoreLogic, and is usually released every month.
According to the data, over the past 12 months through January 2024, San Diego’s housing prices increased by 11.2%, leading the other 20 cities tracking the data, and Los Angeles-Orange County housing prices increased by 8.6%. .
Nationally, home prices are rising at the fastest pace since 2022, increasing pressure from buyers and making it the worst year for real estate sales in the last 30 years. Home prices rose 6% in January 2024 compared to the same period in 2023, higher than the annual growth rate of 5.6% in December last year.
It is said that as the cost of borrowing began to increase significantly in 2022, the real estate market has become difficult to cope with, reducing the purchasing power of most consumers. Although real estate sales inventory has recently begun to increase, the number of homes for sale remains below historical levels, and the tight supply of housing has also pushed up home prices. “Regardless of what city they are located in, or in the most expensive or relatively affordable neighborhoods, homeowners have seen significant gains over the past year,” said Brian Luke, head of commodities, real estate and digital assets at S&P Dow Jones Indices. . Earning. No matter how you look at it, index performance is closely related to overall market trends.”
It is reported that the index tracks three months from January, during which the average mortgage price of a 30-year mortgage wasloanThe interest rate fell from a high of 7.76% to 6.69%. Market demand has started to increase as borrowing costs fall, with second-hand home sales reaching their highest level in a year in February 2024.
Looking ahead, the spring home buying season will allow home prices to rise above winter lows, said Selma Hepp, chief economist at real estate data analysis platform CoreLogic. However, the annual growth rate may be slower than the increase in home prices in the spring of 2023. However, annual growth will remain solid, with growth expected to be 3%-4% this year.
According to information provided by the National Association of Realtors, sales of second-hand homes across the United States grew at the fastest pace in a year in February 2024, with contract transactions increasing by 9.5% compared to the previous month, indicating That buyers are adopting it. High mortgage interest rates. The number of homes listed for sale is also gradually increasing.
los angeles(tagstotranslate)real estate