Numerous West Coast buyers discover they need to pay more for a less modern home, due to the inflation. As per Kenny Slaught, costs have been growing since 2008. The Standard & Poor’s Case-Shiller home price index shows that in April of this year, home prices were at their highest since October 2007. Having moved past recession struggles, Southern California’s cities are regaining their confidence. This happened due to interest rates, job growth, like a 2.4% growth in Los Angeles County and a 3.5% increase in Orange County, as well as supply and demand. Because the 30-year, fixed-rate mortgages stay at about 3.5%, having seen a 3.31% record low back in November 2012, numerous people are motivated to buy a home. The low rates and job increase show why values have grown so fast. House costs vary depending on the state, but the inflated prices of modern homes are higher than in any other state but Hawaii. Due to the fact that the demand doesn’t match the supply, many new buyers have to settle for a less expensive, more convenient condominium style unit.
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