Is LA A Seller's Or Buyer's Market? Here's What The Numbers Say

LOS ANGELES, CA — Southern California's hot residential real estate market has definitely cooled over the last year. So who benefits as prices largely stagnate and sales drop year over year?

No one Really.

"Southern California home prices have been close to flat all year, with the median sale price up or down a hair each month compared with a year earlier," said Andrew LePage, research analyst with CoreLogic. "This reflects tepid demand -- at least at current prices -- and an increase in inventory, which is generally at a level that suggests neither buyers nor sellers have a distinct advantage."

Across Los Angeles County, the median price of a home rose by 0.5% in June, compared to the same month a year ago. At the same time, sales dipped by 12.1%, according to figures released Friday.

Last June 7,597 LA homes sold compared to 6,677 homes this year. According to the CoreLogic real estate information service, the median price of a Los Angeles County home was $618,000 in June, up from $615,000 in June 2018.

In Orange County, the median price was $738,000 in June, down 0.3% from $740,000 in June 2018. The number of homes sold dropped by 9.4%, from 3,484 in June 2018 to 3,157 last month.

A total of 20,790 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 6.9% from 22,333 in May, and down 8.8% from 22,804 in June 2018.

The median price of a Southern California home was $541,250 in June, up 2.5% from $528,000 in May and up 1.2% from $535,000 in June 2018.

City News Service