Southern California home prices kept surging last month, with the median price rising 6.2% from a year earlier, according to a new report. Sales, meanwhile, dropped 10.7% last month from July 2015 — the largest decline in nearly two years. It compares the latest sales of detached houses with previous sales and accounts for factors such as remodeling that might affect a sale price over time. Prices rose in all six counties tracked by CoreLogic. Those kinds of rising home values in Southern California and across the nation have improved the outlook of builders.

Source: Los Angeles Times August 17, 2016 18:17 UTC