In a report released by CoreLogic, Southern California home prices have surged 8.6% in November compared to a year earlier. The report reveals that the housing market shows strong job growth, historically low mortgage rates and a shortage of listings driving a combination of both higher prices and a larger demand. As compared to a year earlier, the all-time high underscores a tight housing market with few properties for sale. November sales were essentially flat, just down 0.1% from a year earlier.
The six-county region’s median home price hit $505,000 last month, a nominal record seen in September and before that, in 2007 just before the housing market collapsed.