California News Southern California

SoCal Home Prices Are Up 5.8%

Press Enterprise-

Southern California’s red-hot housing market continued to cool in July as rising home prices and interest rates discouraged homebuyers who are being priced out of the market, new housing figures released Thursday, Aug. 30, show.

The median price of a Southern California home – or price at the midpoint of all sales – was $530,000 in July. While that’s up 5.8 percent from July 2017 levels, it was the weakest annual growth in 18 months, “a further sign of the continuing erosion of affordability,” said CoreLogic analyst Andrew LePage.

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