Southern California’s median home price hit an all-time high of $770,000 in May, real estate data firm CoreLogic reported.
The region’s median price home — or the price at the midpoint of all sales — climbed to the all-time high of $770,000 in May, real estate data firm CoreLogic reported Tuesday, June 25.
Yes, higher prices and higher mortgage rates have thinned the herd of potential buyers able to afford a home. As a result, for-sale inventory is 40% below pre-pandemic levels, despite a recent uptick in listings this year. In other words, there are more buyers than homes on the market. On the other hand, listings have gone up steadily in the past five months, adding almost 12,000 homes to the market since hitting a 13-year low last December, Redfin figures show.
“People are accepting where the interest rates are,” Shue said. “People can’t put their lives on hold much longer. … People want to move on in their life.” “If you wait too long and rates come down further,” McLaughlin said, “then that just means prices are going to continue to rise.”— Los Angeles County’s median rose 10.6% to a record high of $885,000; sales were up 4.1% to 5,613 transactions.
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