Southern California Home Prices Did Not Set a New All-Time High Last Month

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From the LA Times today:

The Southern California median home price surged 8.2% in May from a year earlier, hitting a new all-time high of $530,000, according to a report Thursday from CoreLogic.

Aw, come on. I appreciate the sentiment, and I agree that home prices are starting to look a little frothy in certain places. But you really have to account for inflation if you want to declare something a “new all-time high.” The Times reports that the previous high was $505,000 in July 2007, which is equivalent to $610,000 today. We still have a ways to go before we set a new record.

What makes this worse is that the Times piece acknowledges this in the seventh paragraph. They know we haven’t set a new record, but they still say so in the headline, the lead, and the accompanying chart. That’s just not good reporting.

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FACT:

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Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2020 demands.

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