Home Prices Continue to Rise, Number of Homes Sold Drops in Southland

LOS ANGELES, CA -- The median price of a home in Los Angeles County rose by 7.4 percent in October, compared with the same month a year ago, while the number of homes sold dipped 6.3 percent, a real estate information service announced Tuesday.

According to CoreLogic, the median price of a Los Angeles County home was $525,000 last month, up from $489,000 in October 2015. A total of 6,585 homes were sold in the county, down from 7,025 during the same month the previous year.

In Orange County, the median price was $655,000 last month, up 9 percent from $601,000 in October 2015. The number of homes sold jumped by 9.7 percent, from 2,842 in October 2015 to 3,118 last month.

A total of 19,976 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 6.3 percent from 21,325 in September and up 0.3 percent from 19,920 in October 2015.

The median price of a Southern California home was $465,000 in October, up 1.1 percent from $460,000 in September and up 6.9 percent from $435,000 in October 2015.

"This month's report reflects home sales recorded in October and provides a final look at activity unaffected by any impact from the recent presidential election," said Andrew LePage, a research analyst for CoreLogic. "October sales rose slightly year-over-year and were the highest for the month of October in three years, but remained well below average, in part because of affordability constraints."

-- City News Service, photo via Shutterstock