Numerous home-buyers on the West Coast started to notice the price increase for older and less trendy houses. Kenny Slaught explains that since 2008, prices have been gradually increasing. The Standard & Poor’s Case-Shiller home price index shows that in April of this year, the costs for Los Angeles properties were highest since October 2007. Southern California’s larger cities overcame recession and started returning to their previous costs. This happened due to a variety of factors, like interest rates, job increases and supply and demand. The 30-year fixed-rate mortgages stay at about 3.5%, and motivating numbers approaching 3.31% are convincing people to make a purchase. The low rates, along with job growth, like a 2.4% increase in Los Angeles County and a 3.5% growth in Orange County, show why the properties’ value also raised. While the costs for buying a home vary based on state, the inflated prices of fashionable homes are higher than in any other state except Hawaii. Because the demand doesn’t match the supply, many people choose apartments, which are easier to buy and more convenient.
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