…The median home price in Southern California hit $507,000 in January, up 11.4% from a year earlier, but slightly below the record set in December of $509,500

Home prices in Southern California jumped 11.4% in January — the largest year-over-year gain in 44 months as the region’s already sizzling housing market got even hotter.

The double-digit rise in the median price put it at $507,000, which was lower than December’s peak of $509,500 when the six-county region surpassed bubble-era highs of $505,000 in 2007, according to a report out Tuesday by research firm CoreLogic.

..Absentee buyers, mostly investors and vacation-home buyers, bought 24.5% of all homes sold in January, said Andrew LePage, research analyst with CoreLogic…

Source: Southern California home prices in January rose at their fastest pace in 44 months

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