Southern California’s housing boom stormed into June with home prices setting a fifth-straight record and sales soaring to the highest level in almost 15 years.
The median price of a Southern California home — or price at the midpoint of all sales — hit $680,000, up 22.5% in a year, DQ News/CoreLogic reported Tuesday, July 20. By comparison, annual price gains averaged 9.5% over the past nine years.
Accoring to OCRegister, In dollar terms the median jumped $125,000 during the 12 months ending in June, the second-biggest one-year gain in records dating back to 1989. The only other month with a bigger year-over-year gain was May, when the median jumped $131,500.
Record prices also were set in all six counties in the region. In Orange County, the median price for all homes hit $900,000, while the median for an existing house topped $1 million for a second straight month. The median price for condos hit record highs in both L.A. and Orange counties, rising to $635,000 and $627,000 respectively.
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