Southern California home prices surged 8.6% in November compared with a year earlier, tying an all-time high that underscores a drum-tight housing market with few properties for sale, according to a report released Wednesday.
Open house signs are seen on display in Torrance in 2016. (Credit: Jay L. Clendenin / Los Angeles Times)
The six-county region’s median home price hit $505,000 last month, a nominal record last seen in September and, before that, in 2007 before the housing market collapsed.
November sales, meanwhile, were essentially flat, down just 0.1% from a year earlier.
The report, released by data firm CoreLogic, reveals a housing market that shows little sign of slowing down. A combination of strong job growth, historically low mortgage rates and a shortage of listings is driving prices ever higher.
Read the full story on LATimes.com.
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