Southern California home prices soar but sales sink in May

June 21–Southern California home prices hit record highs in May, real estate data firm CoreLogic reported Thursday, June 21.

Sales, on the other hand, sank, a sign that buyers either couldn’t find a home amid limited listings or balked at high prices, rising mortgage rates or both.

The median price of a Southern California home, or price at the midpoint of all sales, hit a record $530,000 last Month, up 8.2 percent from May 2017’s median.

In all but one county, prices set records or hit their highest level since the housing crash of 2007, CoreLogic figures show.

Los Angeles County’s median hit a record $609,000 in May, up 8.4 percent year over year. A record also was set in Orange County, where the median rose 7 percent to $738,500.

Riverside County’s median of $380,000 and San Bernardino County’s median of $337,000 were the highest since August 2007.

Ventura County’s median of $590,500 was the highest since September 2006.

Southern California home sales, meanwhile, fell 3.4 percent to 22,874 transactions — 797 fewer than in May 2017.

Sales dipped in five of six Southern California counties, ranging from a 2.4 percent decrease in San Bernardino County to a 4.2 percent drop in Los Angles County.

Sales increased by 10 transactions in Ventura County, a gain of 1 percent.

This article provided by NewsEdge.