Low supply and heavy demand increased median home prices 7.7 percent year-over-year in the six counties of Southern California, the greatest jump since early 2015.
The Los Angeles Times reports that the median home price in the region is now $501,000, just $4,000 from the previous all-time high set in the summer of 2007. In Orange County, the median price sits at $690,000, and in L.A. County, prices have climbed to $575,000.
Sales in Southern California are down 2.3 percent from last year. Economists say that the region is suffering from a lack of home building relative to population and job growth.
The high cost of housing is increasingly raising concerns that California is becoming inhospitable to those of modest means, particularly in the urban centers of the San Francisco Bay Area and Southern California. … As of 2015, about a third of California homeowners paid housing costs deemed unaffordable.
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