Southern California home prices and sales bounced back last month, with prices up nearly 7% and sales jumping almost 18% in the year ending in January, a DQ News report based on CoreLogic data shows.

Homebuyers snatched up 14,944 new and existing homes in January, up 17.8% from the same month a year earlier, DQ News reported. That’s the second-biggest biggest year-over-year percentage gain in the six-county region in more than three years.

Meanwhile, the median price of a Southern California home — or the price at the midpoint of all sales — was $533,000, up 6.6% from a year earlier, according to DQ News. That’s a record price for the month of January and the second–biggest appreciation rate in almost 1 1/2 years.

Records for a January home price also were set in Los Angeles, Orange and San Diego counties.

The housing market had slowed after mortgage interest rates soared in late 2018, almost hitting 5% for a 30-year fixed mortgage, according to Freddie Mac.

As of last week, rates had dropped almost 1 1/2 percentage points, resulting in a $432 cut in monthly mortgage payments for a $510,400 loan.

Here are some trends from the latest housing report:
1. Single-family houses: 10,496 sold in all six counties, up 15.1% in a year. The median house price was $560,000 — an 8.4% year-over-year increase.

2. Condos: 3,174 sales across the region, up 19.1% over 12 months. Median? $455,000 — a 5.5% increase in a year.

3. Newly built: Local builders sold 1,274 new homes, up 40.3% in a year. The median price was $546,000 — down 9.6% over 12 months.

4. Builder share: 8.5% of SoCal sales were new homes, compared with 7.2% a year earlier. Between 1998 and 2018, new homes accounted for 13.4% of all homes purchased.

5. County level: Both sales and prices increased in all six SoCal counties, with sales gains ranging from 14% in L.A. County to nearly 23% in San Diego County.

6. Los Angeles County: 4,667 homes sold, up 14.1%. Median: $615,000 — a 6.0% increase.

7. Orange County: 2,136 homes sold, up 20.3%. Median: SoCal’s highest at $747,000 — a 6.7% increase.

8. Riverside County: 2,766 homes sold, up 18.3%. Median: $390,000 — a 4.0% increase.

9. San Bernardino County: 2,144 homes sold, up 16.7%. Median: SoCal’s cheapest at $360,000 — a 12.5% increase.

10. San Diego County: 2,600 homes sold, up 22.8%. Median: $585,000 — a 7.9% increase.

11. Ventura County: 631 homes sold, up 18.8%. Median: $588,000 — a 3.2% increase.

Source: Jeff Collins and Jonathan Lansner | Orange County Register