Welcome back to the Real Estate newsletter. Let’s get right into it.
To avoid sounding like a broken record, I’ll use a phrase other than “red hot” to describe Southern California’s wild housing market: a feeding frenzy. Those were the words one agent used in an attempted to describe to housing reporter Andrew Khouri a market that had seen the region’s median home price soar for the eighth straight month, shooting up 14.5% year-over-year to a record $630,000.
Per usual, a few celebrities got in on the action, and the last few weeks saw two of the three largest home sales so far this year. Talk show host Ellen DeGeneres, who doubles as a prolific house flipper, sold a Beverly Hills mansion for $47 million that she bought from Maroon 5’s Adam Levine for $42.5 million just two years earlier.