Year-end figures show it was the busiest year for home sales in over a decade years, with the biggest price leap on record.
In December of 2021, the median price of a Southern California home hit a record high for the 10th time in the past 12 months, figures reported by DQ News on Friday, Jan. 21.
Sales in December moderated, as they usually do in a typical year. However the total for the year was the highest since 2006.
Home prices had an annual gains of 16.3%, not just in December but in 2021, meaning last year had the highest price appreciation rate since 2013.
Record high median prices also were recorded in four of the six counties in the region: Los Angeles ($805,000), Orange ($935,000), Riverside ($550,000) and San Bernardino ($485,750).
The reasoning for the current state of the housing market in Southern California the demand far out weighs the supply. As well, agents have tagged the three main reasons for 2021’s extreme performance: record-low mortgage rates, record-low for-sale inventory and very high demand, driven by millennials aging into their prime home-buying years. State-wide 72% of home are being sold for above asking price, this is resulting in many potential buyers have turning to renting until the market calms down.