Median Home Prices in SoCal Hitting Record Highs

A new study from CoreLogic found that median home prices in Southern California rose 10.2 percent in February 2018. Median home prices in Los Angeles and Orange counties had record highs. 

“The ongoing mismatch between housing supply and demand suggests continued upward pressure on prices,” said Andrew LePage, CoreLogic’s research analyst. The OC Register reports that home prices have been rising annually in SoCal for almost six years, but for the first time in about three and a half years the increase has been in the double-digits. Despite rising mortgage interest rates, home sales in the area are near 4.5 percent for a 30-year fixed-rate loan.

The Los Angeles County median rose 10.5 percent year over year to a record high of $580,000. In Orange County, the median was $710,000, up 10.1 percent and matching the all-time high reached in September. San Bernardino home prices jumped 16 percent to $336,500, that county’s highest median price since August 2007. Prices were up 8.7 percent in Riverside and San Diego counties, rising to $375,000 and $535,000 respectively.

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