SoCal home prices reach yet another record high in June
Median price has grown by double-digits for 11 straight months, with San Diego, L.A. seeing sharpest increases
The median sale price for a home in Southern California reached $680,000 in June, marking yet another record high and an 11th consecutive month of double-digit increases since the market bottomed out in June 2020.
That figure is $13,000 higher than May’s median price of $667,000, which was in turn up from April’s $655,000.
The six-county Southern California median sales price has now increased by $50,000 since March.
The pace of sales also continues to rise — 27,012 homes sold in June, up from 24,064 in May.
Orange County recorded the highest median sale price, followed by L.A. County and San Diego County.
The L.A. County median of $790,000 was 23 percent higher than last June, when the market was still slowing amid the pandemic. Sales were up 69 percent year-over-year.
Orange County’s median price reached $900,000. On a year-over-year basis, prices saw the sharpest increase in San Diego County — the median price of $750,000 was 25 percent higher than June of last year.
The pace of sales and pricing started to rise last summer as state and local authorities lifted restrictions on real estate activity. Pent up demand and a lack of listings largely drove that dynamic.
That trend may be running out of steam, however. Signed contracts in L.A. County, an indicator of future sales, fell for the second-straight month in June.
Compass agent Brent Chang said that more homes are hitting the market, possibly easing supply issues.
“If you don’t have to buy now, why would you buy now?” he said. “Inventory is growing, but the buyer pool is staying the same. That equates to lower sales prices.”
[LAT] — Dennis Lynch