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All-cash offers, wealthy buyers push SoCal home prices to a record - Los Angeles Times

Southern California home prices hit a record in March amid sky-high mortgage interest rates, a combination that’s creating the most unaffordable housing market in a generation.The average for the six-county region reached $869,082 in March, according to Zillow. That’s up 9% from a year earlier and 1% higher than the previous all-time high in June 2022.With rates hovering in the upper 6% range, the mortgage payment on the average home now tops $5,500 — if you can put 20% down.“It’s bananas,” Tomm...

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