The Southern California median home sale price reached a new all-time high in June, jumping 7.3% from a year earlier, according to a report released Tuesday.
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. That’s up $6,250 from the previous record high, reached in May.
Sales, though, plunged to 22,706, down nearly 12% from June 2017. It was the lowest number of closed sales for June in four years.
The drop in sales could signal that people are increasingly priced out of the market or simply unwilling to pay sky-high home prices. …
This is what happens when interest rates are held artificially low for a decade for political purposes…
Artificially high prices result…
Now you’ve got technocoolies in the Bay Area who are priced out of their crap shacks, and are moving to Denver and Salt Lake City and Austin in search of the next big thing…
Don’t worry though, the San Andreas and her 700 sisters will likely reset property values by 30-50%, just like after Northridge and Loma Prieta…
It’s gonna happen…every 25-30 years and you’re about due…