Southern California's median home price hits a record $520,000 despite rising mortgage rates [Los Angeles Times (CA)]
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Source: Los Angeles Times
Southern California's median home price hits a record $520,000 despite rising mortgage rates Southern California home prices in April surged 7.2% from a year earlier to reach an 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. "It's extremely hot," Derek Oie, an Inland Empire real estate agent, said of the market. "When is it going to end?" Agents say buyers are increasingly asking that question. Many economists predict that price appreciation may slow as people find it harder to afford a home, but they don't see values falling unless the economy takes a turn for the worse. Job growth has been steady and there are too few homes being built, experts say, creating a persistant mismatch between supply and dem
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