Frenetic LA County Home Sales Cool Off

The median price of a home in Los Angeles County rose by 7 percent in August, compared with the same month a year ago, while the number of homes sold jumped by 5.9 percent, a real estate information service announced today.

According to CoreLogic, the median price of a Los Angeles County home was $502,000 last month, up from $469,000 in August 2014. A total of 7,425 homes were sold in the county, up from 7,013 during the same month the previous year.

In Orange County, the median price was $610,000 last month, up 4.3 percent from $585,000 in August 2014. The number of homes sold rose by 3.4 percent, from 3,071 in August 2014 to 3,174 last month.

A total of 21,352 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic. That was down 12.2 percent from 24,317 in July and up 8 percent from 19,765 in August 2014.

The median price for a Southern California home was $438,000 in August, unchanged from July but up 4.3 percent from $420,000 in August 2014.

“After reaching the highest level for the months of June and July in nine years, Southern California home sales downshifted to a two-year high for the month of August,” said Andrew LePage, a data analyst for CoreLogic. “The sales slowdown between July and August occurred among all home-type categories, counties and price ranges. This month-to-month sales decline could be a reflection of a tightening of inventory of homes for sale or the impact rising prices have had on affordability.”

City News Service