SoCal home prices hit all-time high, again

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A real estate sign is seen in front of a house for sale in West Los Angeles in this file photo. (CHRIS DELMAS/AFP via Getty Images)

A real estate sign is seen in front of a house for sale in West Los Angeles in this file photo. (CHRIS DELMAS/AFP via Getty Images)

Southern California’s real estate market hit another historic peak in June, with home prices soaring to yet another all-time high, though analysts see the extreme bidding wars of the last year beginning to ease.

June’s median home price of $680,000 tops the previous record of $667,000, set in May, according to data released Tuesday by data firm DQNews. It represents a 22.5% increase from June 2020, when the market in the six-county region slowed significantly as sellers pulled homes off the market because of COVID-19 stay-at-home orders.

Since then, a dramatic rebound has seen 11 straight months of double-digit median home price rises.

Experts credit multiple factors: fast-expanding buyer markets such as millennials, more demand for space as more people work from home, and ultra-low mortgage rates, which are attracting wealthy investors who compete with the middle class for limited housing stock.

Read the full story at LATimes.com.

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