Welcome back to the Real Estate newsletter. Someday, I’ll kick this off with good news (for buyers, anyway) and declare that home prices are plummeting and California is finally affordable. Today is not that day.
This week, two new data sets brought harsh reminders of how expensive it is to live in L.A. The first came by way of PropertyShark, which did a 10-month study of national median home prices and found that California holds 70% of the country’s priciest ZIP Codes. L.A. County led the list with 21 entries, including two in the top 10: Beverly Hills’ 90210, where the median price was $4.125 million, and Santa Monica’s 90402, where the median was $4.058 million.
The second data set analyzed Southern California’s October housing market and found that the median price in the six-county region rose to a record $690,000, a 14% leap from a year earlier. Sales slowed by 6.6%, however, marking the first drop since last June.
Whatever the market may…