There are so many great reasons to invest in Southern California homes. A new report by Irvine-based CoreLogic shows that home prices rose 7.4 % across the nation in July. The highest gains were recorded in Southern California at 13.8%. Regions in the southern portions of the state are seeing median price values that haven’t been seen there for 77 months. The evidence in favor of investing in SoCal real estate is mounting.
CoreLogic’s report shows the entire state of California remains well ahead of the national home price appreciation average in July at +10.5%. Only Michigan had significantly better numbers at +11.4%.
Encinitas Home Prices are the Highest in the City’s History
Here in Encinitas, median prices of condominiums and houses have increased from $740,500 to $762,000 from July 2013 to July 2014. Home prices in Encinitas surpassed the highest 6 month period in the in the city’s history by $17,000, or 2.28%. Historic numbers, and this trend is expected to continue for some time because homes in Encinitas are in great demand.
Zillow predicts Encinitas home values will rise another 3.2% over the next year. That is nearly twice the amount home values rose over the last year. We are seeing incredible, sustained growth in the Encinitas real estate market. Investors in the area should be very excited. Median home price for the area is near $830,000. With 3.2% growth over the next year, the value of homes near the median will increase by over $26,500. That is quite an increase.
Exciting Time for Real Estate Investors in Southern California
I apologize for throwing so many numbers at you in this post, but these are fantastic revelations of our current state and where the Encinitas real estate market is heading in the future. What does all this mean for real estate investors in Southern California? Housing prices will likely continue to rise for quite a while. It is a great time to buy properties in the area.
Real estate investors need a discriminating eye to make sure they are making a solid choice. You do not want to overpay for a home. Finding an experienced Encinitas agent will increase your chances of success greatly. It has been eight years since we have seen this type of market in the area. Take advantage and strike while the iron is hot, but make sure you are making a smart investment.