Home Sales Rebound Across LA County In July

LOS ANGELES, CA — Home prices jumped in Los Angeles in July, an unexpected brightspot for homeowners, who have been bracing for a possible market correction after years of skyrocketing prices.

In July, the median price of a Los Angeles County home increased by 5% in July, compared to the same month a year ago. At the same time, sales remained unchanged, according to figures released Wednesday by the data firm CoreLogic. Both figures represent an improvement from the month before when the median price of a home rose by just 0.5% in June, compared to the same month a year ago. At the same time, sales dipped by 12.1%.

Analysts attribute the uptick to falling mortgage rates, but the numbers are based on sales initiated between one and two months ago and may not reflect uncertainty that emerged with recent recession worries.

"After 11 months of year-over-year declines, Southern California posted a modest annual increase in home sales in July," said Andrew LePage, research analyst with CoreLogic. "The gain is no surprise given the significant drop in mortgage rates in recent months, combined with a healthy job market, income growth and a rise in inventory."

According to the real estate information service, the median price of a Los Angeles County home was $635,000 in July, up from $605,000 in July 2018. A total of 6,965 homes were sold in the county, compared to 6,966 in the same month a year ago.

In Orange County, the median price was $729,000 in July, down 0.8% from $735,000 in July 2018. The number of homes sold dropped by 1.7%, from 3,287 in July 2018 to 3,231 last month.

A total of 22,071 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 up 6.1% from 20,795 in June, and up 3.7% from 21,292 in July 2018.

The median price of a Southern California home was $540,000 in July, down 0.3% from $541,750 in June and up 1.9% from $530,000 in July 2018.

"After 11 months of year-over-year declines, Southern California posted a modest annual increase in home sales in July," said Andrew LePage, research analyst with CoreLogic. "The gain is no surprise given the significant drop in mortgage rates in recent months, combined with a healthy job market, income growth and a rise in inventory."

City News Service contributed to this report.