It’s going to be interesting to see what happens with real estate prices in the months ahead as rising interest rates appear to have been the proximate cause of a buying stampede in many parts of the country that has resulted in prices moving sharply higher. Word came yesterday that Southern California home prices (where we lived for many years, up until 2007) are on a tear, up 25 percent from a year ago according to this report from Dataquick.
Those are some pretty hefty year-over-year increases as indicted in red.
Sales are at a seven year high and prices are at their highest level since 2008, about two years after the price peak back in 2006.
Long-time readers will recall that DataQuick data was a regular monthly feature here going all the way back to 2005. There’s been nary a mention of this in recent years, though a simple of the old blog shows lots of them, most referencing Marshall Prentice who, in 2005, promised that “most or all of of those gains are here to stay”.
Ah… memories…
Source: Iacono Research
