Southern California home prices hit record high

The median price of Southern California homes reached $480,000, up from $469,000 - even though overall home sales activity decreased.

Still, the number of homes sold last month was the lowest in five years, some 7% lower than a year ago. More alarming, there are 60% more homes available for sale this year than compared to last year, which equals about a 20 week supply of homes in Los Angeles and Orange Counties.

Nonetheless, sellers are not yet lowering prices, but more buyers seem to be waiting for better deals. (More from the LATimes)