The Los Angeles County median hit $560,500 in May amid a persistent housing shortage and strong demand from buyers.

According to a report released Wednesday from real estate firm CoreLogic, the county’s median price in May rose 6.8% from a year earlier to reach $560,500 as sales jumped 4.8%.

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.

Real estate agents said many buyers are convinced values will only continue to climb for the foreseeable future — a dynamic causing them to be more aggressive.

Source: L.A. County median home price breaks record set during last decade’s housing boom – LA Times

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