Home prices in parts of Southern California are at record highs — and keep rising

Los Angeles Times quoted Richard Green, director of the USC Lusk Center, on rising home prices in California.

Economists said that absent a recession or a surge in mortgage rates, California home prices could keep climbing at 5% a year for the foreseeable future.

That’s faster than the long-term average of 3% nationwide, but it’s difficult to build housing in California and the economy is strong, said Richard Green, director of the USC Lusk Center for Real Estate.

“It could go on for another four or five years,” he said.

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