It's A Seller's Market: SoCal's Housing Market Hit Record-High Last Month

LOS ANGELES (CBSLA) — Southern California's red-hot housing market hit another record-high last month.

The six county regions median sales price reached just over $697,000.  And data firm DQNews says that is up about 16.3 percent over the previous year.

Low inventory means it's a seller's market and experts blame a lack of new construction and current low mortgage rates.

As well, new or used, consumers looking for a car should be prepared to dig into their pockets. According to new data by the Anderson Economic Group, used car prices shot up 11 percent.

But that's not all. For those looking for a new car, it is even more expensive as new car prices spiked to 37 percent on an annual basis.