Malibu’s housing market has thrived during the coronavirus pandemic, as dwindling inventory in the beach city’s most desirable pockets has pushed home prices well above the normal rates.

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With COVID cases continuing to rise across the country, hopefuls waiting out the summer for a bargain during Malibu’s off-peak season may be left out in the cold, according to luxury real estate specialist and television personality Chad Rogers.

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According to housing data provider CoreLogic, rising prices have been evidenced at a national level, with the annual growth of home prices in July accelerating at its fast rate in nearly two years. U.S. home prices rose 5.5% in July when compared with the same month the previous year.

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While Malibu’s total sales have lagged compared with previous years, a lack of inventory coupled with historically low interest rates has created a highly competitive market. Southern California residents and seasonal visitors now go toe-to-toe for the best stay-at-home properties they can find. The lease market, which historically operates with a level of seasonality, has also experienced a sustained price creep.