It’s not getting any easier to afford a home in Los Angeles County, where home prices soared 7.4 percent in October, according to a new report from real estate tracker CoreLogic. The company put the median price of home at $525,000. In October 2015, that midpoint figure was $489,000.
The good news is that prices plateaued from September to October this year, holding steady at that $525,000 price.
The median price of all homes sold in October in Southern California was $465,000, a small increase of 1.1 percent more than the previous month—and a 6.9 percent jump over October 2015.
Earlier this month, the California Association of Realtors put the median price statewide at $515,940—a number it says less than one-third of California households can actually afford.
In Los Angeles County, the association says a six-figure income is needed to reasonably afford a house.
According to the Los Angeles Times: “Most economists say price increases should be smaller next year as families struggle to make larger offers on homes. Wage growth simply isn’t keeping up with the rising cost of housing, they say.”