Southern California home prices jump 12% to record high $600,000

Low interest rates and a lack of homes on the market created upward pressure on home prices.

The median price of a Southern California home — or price at the mid-point of all sales — was $600,000 last month, up 12.1% year over year to a record high, CoreLogic/DQ News reported Wednesday, Sept. 23.

Here’s a breakdown of CoreLogic’s latest numbers by housing type and by county:

Single-family houses: 15,888 sold in the six counties, up 2.5% in a year. The median selling price was $640,000 — a 14.3% increase over 12 months.

Condos: 5,063 sales across the region, up 7.8% over 12 months. The median selling price was $500,000 — a 9.2% increase in a year.

Newly built: Local builders sold 1,652 new homes, down 11.8% in a year. The median selling price was $581,000 — a 5.6% increase over 12 months. New homes accounted for 7.3% of Southern California home sales vs. an average of 13.4% between 1988 and 2018.

Los Angeles County: 6,834 homes sold, down 3.8% over 12 months. The median selling price was $692,750 — a 12.2% year’s increase.

Orange County: 3,559 homes sold, up 10.9%. The median selling price was $800,000 — an 11.6% increase.

Riverside County: 4,013 homes sold, up 0.6%. The median selling price was $441,000 — a 13.1% increase.

San Bernardino County: 2,984 homes sold, up 2.8%. The median selling price was $380,000 — a 9.8% increase.

San Diego County: 4,122 homes sold, up 7.2%. The median selling price was $640,000 — a 9.4% increase.

Ventura County: 1,091 homes sold, up 7%. The median selling price was $647,250 — an 8.1% increase.

Data source | Orange County Register