SoCal's real estate market catching fire SoCal’s hot real estate market Southern California home prices reached an all-time high in February. Experts say low mortgage rates and people's desire to own more space is driving a pandemic housing boom. This charming 2-bedroom, one-bath home in El Sereno is listed for $750,000. It's currently in escrow for way above the asking price, as realtors say they got an astounding 48 offers. "South Pasadena, Highland Park, El Sereno, the east side of LA, which is a very hot area right now," said realtor Leslie Rubin. The market is so hot that in February, Southern California home prices jumped 15% to an all-time high. Great news for sellers, but not so much for buyers.