Uptick in SoCal home prices matches all-time high

$505K median price ties September record, first set in 2007

Dec.December 28, 2017 10:23 AM
Los Angeles housing (Credit: Wikimedia Commons, Pixabay)

The median price for a home in Southern California jumped 8.6 percent in November compared to the same time last year, matching the all-time high of $505,000 only seen twice before.

The median price hit that figure in September, tying the record set in July 2007, just before the housing market crashed and prices dropped to around half that number, according to the Los Angeles Times. Sales were down 0.1 percent from a year earlier.

Prices rose in all six counties in the region and jumped by the highest percentage in Ventura County, which shot up 10.5 percent to $580,000 year-over-year, according to the CoreLogic report cited by the Times.

Homes in Los Angeles County were up 7 percent to $567,000 year-over-year, but down from $575,000 in September. Orange County homes demanded the highest overall price of the six counties — at $700,000, or 6.1 percent higher than last November. That figure came in slightly lower than the $710,000 reached in September.

Some, including the California Association of Realtors, believe the housing market statewide is slowing, at least in terms of volume, Curbed reported. A November report by the group found that pending home sales dropped 7.3 percent in Southern California. Still, sales are outpacing supply statewide.

CoreLogic described Southern California’s housing market as “overvalued” earlier in the month, noting that prices as of October in LA County, Orange County and Inland Empire were 10 percent or higher than long-term sustainable levels, according to the Orange County Register.  [LAT] — Dennis Lynch

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