In summer 2007, the Los Angeles County median home price hit an all-time high of $550,000. When adjusted for inflation, May’s median remains 11% below the 2007 high, though the nominal record comes amid fresh concerns over the high cost of housing in California. “They want to get in now before they lose out,” said Hooman Zahedi, a real estate agent with Redfin, who specializes in the San Fernando Valley. High rents and a fear of rising mortgage rates are other factors leading to packed open houses, said South Bay real estate agent Barry Sulpor. Either way, he estimates that about three-quarters of his buyers spend 40% of their income on housing costs.

Source: Los Angeles Times June 21, 2017 17:38 UTC