Multiple home price records were set in May, the latest in a series of highs hit in one of the busiest spring home buying seasons in years.
The median price of an Orange County home soared last month to $695,000, the highest median on record and topping the previous record set a month earlier by $20,000, CoreLogic reported Wednesday, June 21.
May also saw the Los Angeles County median home price hit $560,500, shattering its pre-recession high of $550,000 set in 2007.
Also topping a pre-recession high for the first time was the median price of an existing Orange County single-family home. The house-price median was $755,000 in May, beating the June 2007 price of $734,000. On Tuesday, the California Association of Realtors also reported data showing the existing house price topped the pre-recession high.
The median price of an existing condo was $492,500, beating the previous high set in April. May marked the third straight month that Orange County condo prices had topped pre-recession record.
The median is the point at which half the homes sold for more and half sold for less.
Orange County’s all-home median set six records in the past 13 months. All home-price categories in Orange County now have surpassed the highs reached during the housing bubble, although they still lag those highs after adjusting prices for inflation.
The Southern California median was $492,000 in May, 2.6 percent below the all-time high reached in 2007. Median home prices in Riverside and San Bernardino counties remain 18 percent below the highs reached during the bubble.
Home sales and prices were up in all six counties included in CoreLogic’s Southern California housing report for May.
The real estate data firm reported that 3,682 Orange County homes changed hands in May, the most home sales for a May since 2013.
Last month’s sales tally was up 1.9 percent from May 2016, while the May median price was up 6.7 percent year over year.