he Southern California real estate market continued to sizzle in August as home prices jumped 7.5% from a year earlier, reinforcing new poll results showing widespread concern about the state’s housing affordability.
Across the six-county region, the median price increased to $500,000 from $465,000 a year earlier, though down slightly from $502,000 in July, according to a report Tuesday from data firm CoreLogic.
The August home price for the six-county region was just below the all-time high of $505,000 reached in 2007 at the height of the housing bubble. The market began collapsing soon thereafter.
But it’s been rebounding for the last six years, fueled by a slowly improving economy, historically low mortgage rates and a shortage of homes for sale.
“The market’s just chugging along,” said Tregg Rustad, estates director for Rodeo Realty in Beverly Hills. He and his partner sold 10 houses in August — half were at or above the list price and the rest were very close to it.