The Southern California housing market picked up speed in December, capping a year of improvement that saw rising sales and prices.
The median price in the six-county region rose 1% from November to $443,000, data firm CoreLogic said Tuesday. Compared to a year earlier, prices were up 6.7%. Sales surged as well, jumping 9.8% from December 2014. For the year as a whole, sales were up 8.1%.
Sales had slowed recently as the summer buying season faded. Experts also say families are increasingly having trouble affording a home as prices rise.
For that reason, many economists expect price increases to slow in the coming year.
The California Assn. of Realtors projects the state’s median to rise 3.2%, compared to 6.2% in 2015.
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