Welcome back to the Real Estate newsletter, where, at risk of sounding like a broken record, I am once again required to inform you that the market is hot — really hot.
In fact, it’s record-breakingly hot, according to April housing data. Last month, Southern California home prices soared to an all-time high, with the median hitting $655,000. That’s a 20.2% increase year over year; you’d have to go back to the Obama presidency to find the last increase of more than 20%.
Fear not: L.A. still has (relatively) affordable homes. You just have to know where to look. The median home price in L.A. County clocked in at $750,000 in April, so The Times took at look at seven homes in seven L.A. communities on the market for a little less: $700,000.
Some celebrity news in the San Fernando Valley: Dwyane Wade and Gabrielle Union sold their romantic hillside villa for $5.5 million. That’s half a million shy of what they paid, but something tells me they can afford to take the loss.
