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In Southern California, new homes are rare and costly
In Southern California, new homes are rare and costly

On a busy stretch of Sherman Way in Van Nuys, a red and black sign advertises a rare commodity in Los Angeles. "Single detached homes. From the $400s," it reads. The 63 houses — "small lot" townhouses that sit less than six inches apart — are unusual in a region with few new houses selling for less than $500,000, and even fewer anywhere near Hollywood. New home prices have soared in recent months, with the median for the six-county region peaking at $538,000 in June, according to CoreLogic DataQuick. In Orange County, the median new home price has topped $800,000. A surge in higher-end projects has pushed new home prices above their pre-recession...

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