SoCal Median Home Price Hits All-Time High in June as Sales Fall

An open house sign directs prospective buyers to property for sale in Monterey Park on April 19, 2016. (Credit: Frederic J. Brown / AFP / Getty Images)

An open house sign directs prospective buyers to property for sale in Monterey Park on April 19, 2016. (Credit: Frederic J. Brown / AFP / Getty Images)

The Southern California median home price reached a new all-time high in June, jumping 7.3% from a year earlier. However sales plunged over the same time period, indicating sky-high housing costs could be burning out many home shoppers.

The six-county median — the point where half the homes sold for more and half for less — hit $536,250, real estate data firm CoreLogic said Tuesday. That’s up $6,250 from the previous record high, reached in May.

Sales dropped to 22,706, down nearly 12% from June 2017. It was the lowest number of closed sales for June in four years.

The drop-off may signal people are increasingly priced out of the market or simply unwilling to pay an exorbitant amount for a home. Real estate professionals said many of their clients are worried about purchasing at the top of the market.

Read the full story on LATimes.com.