Why home prices in Southern California keep climbing

[Zorro]

The Southern California housing market is red-hot again.

Home prices in the region have been climbing steadily, as they have nationwide, toward record levels not seen since the 2008 housing crisis plunged the country into a severe recession.

The S&P/Case-Shiller home price index, a widely followed gauge of the market, showed that prices in the Los Angeles market in April stood at their highest point since October 2007.

The median home price in Orange County in May was $651,500, surpassing its bubble-era peak reached in 2007, according to the real estate data firm CoreLogic.

http://www.latimes.com/business/la-fi-qa-home-prices-20160713-snap-story.html

[SunSeeker]

1. Yup. Low interest rates and low housing stock is certainly driving up prices in OC.

That and the economic recovery in Jerry Brown's California.

Still, prices are just now getting to be at or above their pre-crash (2006) levels.

[stopbush]

2. Everybody wants to live here.

But unless you're makng $200k+ a year, buying a home isn't really an option.

[Beaverhausen]

3. I'm trying to find something under $300k

In the San Fernando Valley. Very little available, but I'd rather buy than continue to rent as rents are really nuts.

Oy.