New Housing Price Rebound Has All of the Hallmarks of a Boom, Announces SRE Investing
Beverly Hills, CA (PRWEB) July 30, 2013 -- According to SRE Investing, the housing recovery is seeing prices rising at record rates, making this upsurge more like another boom than merely “recovery”.
Southern California’s median home price skyrocketed a record 28% in June 2013, as compared to the previous year’s figures. That growth outpaced any single month during the housing bubble of the previous decade. The surge in prices puts the median price for Southern California homes up to $300,000 to $385,000.
While some experts are predicting a cool down soon, others see signs of even more growth, with a reduced supply and a surging market of buyers. Jay Belson, founder and President of SRE Investing, said, “I expect prices to continue moving upward. Historically, prices move up for 3 to 5 years in these cycles, and then they drop back a bit,” Belson continued. “The higher prices and shrinking area inventory have buyers scrambling to get into a home, and offering ever-higher prices as a result.” This has also resulted in an interesting situation where sellers might be faced with multiple offers, each higher than the previous offer. One area realtor said every buyer she has worked with has had to pay at least the asking price, or even above the asking price.
June’s remarkable success is only part of the trend. It began with a price surge of 3.6% back in April 2012, and has increased in both intensity and percentage gains across the intervening months. Percentage growth topped 20% in January 2013 and has continued escalating, reaching June’s highest percentage gain in year-over-year changes.
June’s increase is the highest percentage gain recorded by DataQuick since the firm started measuring year-over-year price changes in 1989. The current median price is still below the peak of $505,000 reached in 2007, just before the crash.
Seth Phillips COO of SRE Investing added, “With fewer homes to choose from, high competition and rising real estate prices, buyers should be prepared to fight for the homes they want.” For sellers, SRE Investing sees even better things down the road as the market continues to tighten and prices to rise.
To find out more about SRE Investing, visit http://www.SREinvesting.com.
About SRE Investing: Headquartered in Beverly Hills, SRE Investing specializes in Los Angeles real estate investing. Clients are able to participate as owners, lenders or partners in investments.
Seth Phillips, SRE Investing-Los Angeles, http://www.sreinvesting.com/, 213-784-4447, [email protected]
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