SoCal Home Prices Jumped Again in August Amid Concerns About Affordability

Crews work on new homes under construction in Murrieta in an undated photo. (Credit: Glenn Koenig / Los Angeles Times)

Crews work on new homes under construction in Murrieta in an undated photo. (Credit: Glenn Koenig / Los Angeles Times)

The Southern California real estate market continued to sizzle in August as home prices jumped 7.5% from a year earlier, highlighting new poll results showing widespread concern about the state’s housing affordability.

Across the six-county region, the median price increased to $500,000 from $465,000 a year earlier and down slightly from $502,000 in July, according to a report Tuesday from data firm CoreLogic.

In Los Angeles County, the median price surged 9.4% to a record $580,000. The previous record of $575,000 was set in July.

It was the best August for home sales since 2006. Total sales in Southern California were up 3.2% year over year but surged 13.3% from a sluggish July, CoreLogic said.

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