In the middle of a global pandemic, Southern California home prices keep setting records.
The six-county region’s median price reached $600,000 in August, up 12.1% from a year earlier, according to data released Wednesday by DQNews.
That was the largest percentage increase since 2014 and the third consecutive month during which prices set a new all-time high. Sales rose 2.4% from a year earlier.
The price leap may seem unlikely amid double-digit unemployment, but analysts said the trend reflects the uneven effect of the coronavirus and its economic fallout.
Compared with low-wage workers, people who tend to have the financial ability to buy homes have been less likely to lose their jobs and, in some ways, their ability to purchase a house has only expanded.