In fact, the Sand Section in Hermosa Beach has seen median sale price increases of 81% since 2011! With inventory starting to build and an interest rate increase on the table, it will be interesting to see how the second half of the year shapes up.
In other national real estate news, pending home sales continue to rise in May and are now at their highest level in over nine years, according to the National Association of Realtors. The Pending Home Sales Index increased 0.9% to 112.6 in May and is now 10.4% above May 2014 (101.9).
Lawrence Yun, NAR chief economist, says contract activity rose again in May for the fifth straight month, increasing the likelihood that home sales are off to their best year since the downturn. “The steady pace of solid job creation seen now for over a year has given the housing market a boost this spring,” said Lawrence Yun.
“It’s very encouraging to now see a broad-based recovery with all four major regions showing solid gains from a year ago and new home sales also coming alive.”