All-cash offers, wealthy buyers push Southern California home prices to a record

Southern California home prices reached a record high in March 2022 at $869,082, up 9% from the previous year. Despite mortgage rates hovering in the upper 6% range, some buyers equipped with cash are keeping the market competitive.

Low inventory, combined with a wealth gap where buyers have cash to offset high rates, contributes to the unaffordable housing market in Southern California. Buyers are making hefty down payments well over 20% and many transactions involve all-cash payments.

Read at Los Angeles Times