7/26/2017

Average Selling Prices in Long Beach, Cerritos, Lakewood, and Orange County, June 2017

Average Sales Prices chartLong Beach, Cerritos, Lakewood, Orange County prices
Prices are going up, and here's what they look like locally.  For a single family detached home, the average prices in this group range from $575,786 to $770,826, and for overall comparison to Orange County at over $1 million, they're obviously somewhat lower.  Overall Los Angeles County average price is $918,450 (the median price is $632,000 for June).  All these prices are for the month of June, 2017, based on data from CRMLS

One characteristic to note is that Orange County as a whole has increased just over 4%, Los Angeles County has a whole has increased over 9% in June.  The areas with more lower priced homes (relatively speaking) are seeing bigger increases than Orange County, with overall higher priced homes, with a smaller percentage increase.
How much higher will things go?  Unknown, but as long as the interest rates are lower, and buyers are able to find sources for down payment funds, the end is not in sight according to many market experts. The Federal Reserve, however, is expected to raise rates one more time this year.
"But while interest rates will increase to an estimated 5% by the end of 2018 and 6% by the end of 2019, most economists expect home price growth will also slow to between 2% and 4% once rates begin to rise."
If a buyer were interested in the average selling price of $350,000 for a house, then San Bernardino County and the Inland Empire would be the place to search in Southern California, and Northern California in many counties, excluding the Bay Area, would hold some similar opportunities.

For an online and automated home valuation, try my site at http://www.juliahuntsman.com/home-evaluation.  It probably works more accurately for single family homes than condos in some areas, depending on what properties lie within about a one-mile radius.  Try it!  And I am always happy to do a more customized report to send out via e-mail.  If you're thinking about making a move, do something besides stare.

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