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Southern California home prices set fifth straight record as sales soar

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.

To address more of your concerns about real estate and talk about the best timing and patience strategy for you, Amin Vali Real Estate Investment is available to consult you for as long as you need it.

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