Society and Education

Nearly half of Southern California's homes sell at 1 mln U.S. dollars or more 2023/11/7 source: Print

LOS ANGELES, Nov. 6 (Xinhua) -- Home prices in Southern California, a region famed for its sunny weather and tourism, have been consistently rising, with nearly half of the homes listed for over 1 million U.S. dollars.

According to the Orange County Register's report, in the region encompassing the Los Angeles metropolitan area and the Inland Empire, there were 12,074 house listings in September. Among these, 5,588 homes were listed for 1 million dollars or more, making up 46 percent of all single-family homes available for sale in the region.

Of the seven-digit listings, 24 percent were priced at 2 million dollars or higher, while 16 percent were listed at 3 million dollars or more, said the report released on Monday, quoting data from the California Association of Realtors (CAR).

According to it, million-dollar homes were mainly concentrated near the coast, with Orange County having the highest share at 84 percent, followed by Los Angeles County at 66 percent.

In September, the median price for single-family homes in Southern California rose to 820,000 dollars from 783,380 dollars a year ago, marking a significant year-over-year gain. However, home sales in California dropped for the fourth consecutive month, partially due to high mortgage rates, as reported by CAR.

A recent ranking by the U.S. News & World Report indicates that California has become one of the most unaffordable places to live in the country. Among the top 20 most expensive cities in the United States, 12 are located in California. 


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