Southern California home prices hit new record in July

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Southern California’s median home price set another record in July, but the rate of increase slowed. (AP Photo/Paul Sakuma, File)

Southern California’s median home price set another record in July, but the rate of increase slowed. (AP Photo/Paul Sakuma, File)

Southern California home prices set yet another record in July, although the pace of increase slowed as some home shoppers grew tired of bidding wars that have defined the pandemic market.

The six-county region’s median sales price — the point at which half the homes sold for more and half for less — reached $681,750 in July. That’s up 17.5% from a year earlier but lower than the 20%-plus gains recorded since April.

Sales rose nearly 10%, according to DQNews, the real estate firm that released the data Wednesday.

The housing market has been red hot since last year, with the pandemic unleashing several forces that boosted demand, including the desire for more space and rock-bottom interest rates.

Read the full story on LATimes.com.

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