Southern California's median home price hits a new record: $520,000 [Los Angeles Times (CA)]
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Source: Los Angeles Times
Southern California's median home price hits a new record: $520,000 Southern California home prices in April surged 7.2% from a year earlier to reach a new all-time high, a sharp increase at a time when rising mortgage rates are making an already pricey housing market even more so. The region's median sale price for new and resale houses and condos was $520,000, up $1,000 from the previous high set in March, according to a report released Wednesday by real estate data firm CoreLogic. The median — the point at which half the homes sold for more and half for less — increased compared with a year earlier in all six counties included in CoreLogic's report: The number of home sales, however, fell 1.5% compared with a year earlier. That drop may be a reflection of the low inventory of homes on the market and the struggles that buyers are having to afford the homes that are for sale. Not only are prices surging, but mortgage rates also have shot up since Januay, in large part because investo
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