Socal home prices hit 5-year high

May's median price was $368,000, up 24.7 percent from a year earlier, according to Dataquick (L.A. County's median was $410,000, up 30.2 percent). As we have seen for months, most of the action is happening at the higher end - the number of homes sold for $500,000 or more jumped 46.7 percent from 2012, while $800,000-plus sales were up by the same amount. Aside from higher prices, the market dynamic hasn't changed much, with too many buyers chasing after too few listings and those able to make all-cash offers dominating many parts of L.A. From press release:

"We're deep into uncharted territory: Amazingly low mortgage rates, a razor-thin inventory of homes for sale, and the release of years' worth of pent-up demand. Plus there's a seemingly endless stream of investors and non-investors who pay cash and thereby avoid the loan-qualification process. How this all plays out is educated guesswork at this point. Understandably, speculation continues over whether another housing bubble is forming," said John Walsh, DataQuick president. "History suggests that's a tough call early on. What seems obvious is that if prices keep rising fast they'll cause many more people to list their homes for sale, and that increase in supply should at least slow the rate of price appreciation," he said.

MAY HOME SALES (% change from May 2012)
Los Angeles 7,707 +2.8%
Orange 3,648 +11.3%
Riverside 3,855 -2.9%
San Bernardino 2,655 -1.7%
Ventura 933 -6.0%

MAY MEDIAN PRICE (% change from May 2012)
Los Angeles $410,000 +30.2%
Orange $540,000 +24.1%
Riverside $252,000 +22.9%
San Bernardino $203,000 +28.1%
Ventura $425,000 +18.1%

Source: DataQuick, DQNews.com