The Los Angeles Times reports that home prices in Southern California have soared in recent months, with the median for the six-county region peaking at $538,000 in June.
In Orange County alone, the median new home price has topped $800,000. A surge in higher-end projects has pushed new home prices above their pre-recession peaks, even as prices for existing homes remain one-fifth below their bubble-era highs. The scarcity of projects aimed at the middle of the market makes Southern California among the toughest housing markets in the country for middle-income families.
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