Southern California Home Prices Near a 10-Year Record

The median sales price of a home in Southern California  soared 6.2% in April to $485,000, the highest since August 2007 when home prices peaked during the market boom and before the recession, according to the latest CoreLogic report.

On a year-over-year basis, the median sales price in the region, which comprises Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, has risen for 61 consecutive months, according to data from Irvine, California-based information provider CoreLogic.

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Compared with March, the median sales price in April increased 1% amid sweeping low inventory and strong demand.

"Inventory remained low, and job and stock market growth, coupled with low mortgage rates and strong consumer confidence, continued to drive housing demand and keep pressure on prices," Andrew LePage, research analyst with CoreLogic, said in the report.

In April, home sales fell to 20,244 units, down 4.8% year-over-year, and falling 8.4% from the previous month. However, the data was largely skewed by the calendar, as March had three more business days―on which deals could be recorded―than April.

Adjusting this factor, April’s total number of sales were roughly the same as in March and the same period last year, according to CoreLogic.

The report did not separately break out the luxury segment of the market.