The Southern California median home price in December finally surpassed bubble-era highs, a milestone that took more than a decade to achieve and is once again raising concerns that housing is too costly.
A home for sale in Hawthorne in December (Credit: Kent Nishimura / Los Angeles Times)
The six-county region’s median price surged 8.2% from a year earlier to $507,500, real estate data firm CoreLogic said Wednesday. That tops the bubble-era high of $505,000 in 2007, which was matched in September and November.
Adjusted for inflation, the region’s median is still nearly 13% below the 2007 peak, and there are other caveats as well. But the new nominal record is noteworthy as a historical marker and because more borrowers who were underwater probably are no longer.
“It goes to show you just how outrageous the last bubble was — for us to take 10 years to get back to that nominal level,” said Christopher Thornberg, founding partner of Beacon Economics.
Read the full story on LATimes.com.
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