In summer 2007, the Los Angeles County median home price hit an all-time high of $550,000. It soon plunged as the housing bubble burst and the national economy crashed.
Now the median, the point where half the homes sold for more and half for less, has finally passed the heights of 10 years ago — the result of an improving economy, historically low mortgage rates and a shortage of listings.
According to a report released Wednesday from real estate firm CoreLogic, the county’s median price in May rose 6.8% from a year earlier to reach $560,500 as sales jumped 4.8%.
When adjusted for inflation, May’s median remains 11% below the 2007 high . . .I mention this in a Maui blog only because of "shortahe of listings." We have that, too.
If you don't build house, you won't have enough houses.