Southern California home prices soared in March, rising by double digits for the eighth straight month as a pandemic-fueled housing boom continues to go strong.
The six-county region’s median home price increased 14.5% from a year earlier to a record $630,000, according to data released Wednesday from real estate firm DQNews. The number of houses, condos and town homes that sold rose 32.2%.
A mix of factors is driving the boom, which extends nationwide, real estate agents and economists say.
The housing market was heating up before the pandemic. Since then, mortgage rates have tumbled and people are looking for more space. Also, millennials are quickly entering their early 30s, the age when many people become first-time homeowners.
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