Potential buyers shuffle in and out of an updated three-bedroom, two-bathroom home on a quiet, tree lined street in La Mirada. It is the kind of house that is appealing to first-time buyers or those looking for more space for a growing family.
Growing along with that family is the price point. Two years ago, a similar house would sell for around $635,000. Now, you'll need to find almost $800,000.
It is an astonishing example of the skyrocketing housing market across Southern California.
According to the property analytics company, CoreLogic, the median sale price of homes in July in Los Angeles County hit a whopping $795,000. The increase represents a $160,000 leap from the median sale price in July 2019.
Get Southern California news, weather forecasts and entertainment stories to your inbox. Sign up for NBC LA newsletters.
"Craziness," Frank Jelsolva, a realtor for Century 21 Westworld said.
Jesolva told the I-Team demand for homes is far outpacing supply, and he believes that is the biggest reason for the increase in the median sale price.
"Every house I put up for sale, I don't have one buyer, I have multiple buyers," Jesolva said.
I-Team Investigations
NBCLA I-Team investigative reporters break local news on stories that affect our community directly. Here are the latest investigations out of LA and SoCal.
And experts say, the competition will only grow, even as prices continue to climb.
"It's really crazy," Frank Nothaft, the Chief Economist at CoreLogic told the I-Team. "It would be one thing if prices were already cheap two years ago; they weren't."
Nothaft and his team reported the data and cite two important factors for why median prices have increased by $160,000 in just 24 months.
"About half of all owner occupants are baby boomers or older," said Nothaft. "And as you know, during the pandemic, the older population was at more risk and a lot of them said 'I'm not going to sell during a pandemic, I'm going to wait until the pandemic is gone.'"
Nothaft says a lack of inventory coupled with record low interest rates means prices will continue to soar.
The I-Team discovered median sale prices are at record levels across Southern California.
According to CoreLogic, the median sale price in July was the highest in Orange County at $905,000. Ventura County's data shows the median sale price hit $732,000, followed by Riverside County at $525,000. CoreLogic reported the best value can be found in San Bernardino County, where the median sale price in July was $455,000.
