Region’s typical home price tops $500,000 [Southern California]

Region’s typical home price tops $500,000 [Southern California]

The median price of a Southern California home punched through the half-million-dollar mark for the first time in March even as sales remained soft, an industry tracker said on Tuesday.

The sales decline is in response to rising interest rates and a market past its “frenzy phase,” said La Jolla-based DataQuick Information Systems.

The median for the entire region increased an annual 14.1 percent to $501,000. In Los Angeles County it rose an annual 15 percent to $506,000, also a record, the company said.