Southern California home prices jump to a record high | Los Angeles Times

Southern California’s median home price jumped 8.4% in March from a year earlier, setting a new all-time high, as hopeful buyers engaged in bidding wars over a limited supply of homes on the market.

The six-county region’s median price for new and resale houses and condos hit $519,000 last month, up $40,000 from a year earlier, real estate data provider CoreLogic said Monday. March’s median topped the previous all-time high of $509,500 set in December.

Sales, meanwhile, fell 6.2% compared with the same month last year, in part because there were fewer homes on the market than in 2017.

“The rate we are seeing price appreciation is simply the lack of inventory,” said Selma Hepp, chief economist with California brokerage Pacific Union International.

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Southern California home prices jump to a record high.