Southern California’s red-hot housing market is showing signs of leveling off, with homes taking a little longer to sell and the number of homes to choose from rising slightly.
But it’s still a strong seller’s market, with bidding wars, rising sales and prices hitting record highs for a sixth straight month.
The median price of a Southern California home — or price at the midpoint of all sales — hit an all-time high of $681,750 in July, up 17.5% from July 2020 levels, DQ News/CoreLogic reported Wednesday, Aug. 18.
Last month’s median was up almost $102,000 over 12 months, equivalent to a gain of almost $2,000 every week.
Median home prices also hit all-time highs in Los Angeles, Orange, Riverside and San Bernardino counties, CoreLogic figures show.
Sales, meanwhile, rose 9.8% to 24,947 closed transactions last month, the most for a July since 2005.
Still, July’s sales were down from June and followed a year in which…