Southern California's median home price soared to $680,000 in June, an all-time high for the six-county region. Sales are also on the rise.
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., 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.
“The low interest rates are creating a situation where it can be cheaper to buy a house than rent one, especially if you’re an investor looking to rent it out. That’s not normal,” said Jason Oppenheim, founder of Oppenheim Group and star of Netflix’s “Selling Sunset.” As L.A. pulls out of the pandemic-induced recession, he said, the pent-up demand could make for a hot Southern California market through the rest of the year and beyond.
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