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

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

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.

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate