Home prices in Southern California hit record highs last month, despite extremely low home sales due to soaring mortgage rates.<\/p>\n
Housing prices in the Southern California area, which showed stagnant housing price increases last year, have been showing a steady upward trend since January this year.<\/p>\n
Last month, the median home price in Southern California recorded $743,000, which is close to the record high of $750,000 for a home in Southern California set in April of last year.<\/p>\n
This year, the median home price in Southern California increased by $73,000.<\/p>\n
In Southern California last month, median home prices hit record highs in Orange County, Ventura County, and San Diego County.<\/p>\n
The median home price in Orange County hit $175,000, with Ventura County breaking records at $813,000 and San Diego County at $850,000.<\/p>\n
Last month, Southern California home prices soared, but home sales were sluggish.<\/p>\n
A total of 130,998 homes were sold, the lowest number of sales in 35 years.<\/p>\n
The number of housing transactions through July of this year was 97,197, which is also the lowest record.<\/p>\n
As mortgage interest rates soared, rising monthly payment burdens appear to have dampened home sales.<\/p>\n
With interest rates soaring, the average monthly mortgage payment in Southern California is now $3,891, up by $1,600 in the past two years.<\/p>\n
However, there were not enough houses for sale, which pushed up the price of houses.<\/p>\n
According to housing information company Redfin, the number of homes for sale in Southern California last month was 40,866, the lowest number of homes sold in July in the past decade.<\/p>\n
Usually, in July, the average number of homes for sale in Southern California is about 64,000.<\/p>\n","protected":false},"excerpt":{"rendered":"