New-Home Prices Soar Throughout Southland
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New-home prices surged to record levels in each of Southern California’s six counties as builders struggled to keep up with potential buyers, according to a quarterly report by the Meyers Group.
In Orange County, the most expensive market in the region, median prices in the April-through-June period topped $500,000 for the first time. That represented a 14% increase from a year earlier, the Meyers Group said.
Prices in San Diego County ran up more than 25% during the period to $407,787. They jumped 20% in Los Angeles County to $359,900, grew 10% in Riverside County to $253,200, and gained 19% in San Bernardino County to $239,990.
“We’ve been riding very high levels of consumer confidence, and we’re just about out of inventory everywhere,” said Michelle Wolkoys, an analyst at the Irvine real estate research firm.
Unsold units across the region were hovering at about a one-month supply, the group found.
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Daryl Strickland
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