SoCal home prices hit new record high…

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Southern California’s real estate market hit another historic peak in June, with home prices soaring to yet another all-time high, though analysts see the extreme bidding wars of the last year beginning to ease.

June’s median home price of $680,000 tops the previous record of $667,000, set in May, according to data released Tuesday by data firm DQNews. It represents a 22.5% increase from June 2020, when the market in the six-county region slowed significantly as sellers pulled homes off the market because of COVID-19 stay-at-home orders.

Since then, a dramatic rebound has seen 11 straight months of double-digit median home price rises.

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Experts credit multiple factors: fast-expanding buyer markets such as millennials, more demand for space as more people work from home, and ultra-low mortgage rates, which are attracting wealthy investors who compete with the middle class for limited housing stock.

www.msn.com/en-us/money/realestate/another-month-another-record-socal-home-prices-hit-all-time-high/ar-AAMm6t5

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