L.A. County median home price breaks record set during last decade's housing boom

In summer 2007, the Los Angeles County median home price hit an all-time high of $550,000. It soon plunged as the housing bubble burst and the national economy crashed. Now the median, the point where half the homes sold for more and half for less, has finally passed the heights of 10 years ago -- the result of an improving economy, historically low mortgage rates and a shortage of listings. According to a report released Wednesday from real estate firm CoreLogic, the county's median price in May rose 6.8% from a year earlier to reach $560,500 as sales jumped 4.8%. When adjusted for inflation, May's median remains 11% below the 2007 high, though the nominal record comes amid fresh concerns over the high cost of housing in California.