The Southern California median home prices rose 17% to a record high in July, though there are some signs the market is cooling.
California’s most expensive estate currently on the market is a 22-acre oceanfront spread in Carpinteria listed at $160 million.
Jordan Levine, chief economist with the California Assn. of Realtors, said buyer fatigue, combined with more sellers listing their homes for sale, has created a market that is “normalizing.” “You just have something that is getting back to an equilibrium after being so incredibly imbalanced,” Levine said. “It’s still pretty competitive out there.”In Los Angeles County, the median sales price rose 18.7% to a record $795,000, while sales climbed 20.2%.In Riverside County, the median sales price rose 23.2% to a record $525,000, while sales climbed 6.6%.
In San Bernardino County, the median sales price rose 21.3% to a record $455,000, while sales climbed 4.3%.In Ventura County, the median sales price rose 16.5% to $735,000, while sales climbed 10%.
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