SoCal Home Prices Jump Due to Bidding Wars

In February, homes around the Los Angeles area saw the largest increase in over a year due to the number of potential homeowners engaging in bidding wars.  In that month alone, the median price for a home in Southern California increased by $5,000 since January, making it the largest rise in 15 months.

Purchasing a home in Los Angeles has gotten extremely competitive due to the demand and not enough supply.  Thankfully, the demand is likely a result of a thriving and growing local economy.  In Los Angeles and Orange counties, unemployment rates are being reported at 4.9% and 3.9%, as opposed to 5.6% and 4.1% in 2016.

More details available on the original article by the Los Angeles Times.