4/19/2006

Median Southern California Home Price Over $500,000

According to yesterday's release by Dataquick, the median home price in 6 Southern California counties keeps going up and now exceeds $500,000. The median price is the point at which the same number of homes sold over that price as sold under that price. Buyers continue to commit to a larger monthly payment, now over $2300 a month compared to $2000 a month last year. Adjusted for inflation, current monthly mortgage payments is still about 8.4 percent higher than the spring of 1989, the peak of the last real estate cycle. While the number of sales in Los Angeles County has declined compared to this time last year, the home selling prices have not.

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