Prices in L.A. County increased 3.2% in May, according to a new report from real estate tracker CoreLogic. For the 4th month in a row, the county’s median home price bested an all-time record. It now stands at $609,000—nearly $20,000 higher than in April. Prices were also up 8.4% over a year ago, and May was the first time ever that the L.A. median price bested $600,000.
In spite of soaring prices, homeowners aren’t exactly rushing to sell their properties. According to CoreLogic, fewer homes are on the market than usual, and the number of overall sales is down 4.2% since May of 2017. On the flip side, region-wide sales of homes priced over $1,000,000 are up nearly 8%.
Mortgage interest rates have also increased (roughly 0.5%) in the last few months, inflating monthly costs for buyers. Payments across Southern California have grown about 16% over the last year, making things especially tough for buyers on a budget.