Home Prices Still on the Rise in L.A. County, but Sales Drop

posted by City News Service - 

LOS ANGELES (CNS) - The median price of a home in Los Angeles County rose by 8 percent in June, compared with the same month a year earlier, a real estate information service announced today.

According to CoreLogic, the median price of a Los Angeles County home was $615,000 last month, up from $569,250 in June 2017. A total of 7,569 homes were sold in the county, down 13.5 percent from 8,751 during the same month the previous year.

In Orange County, the median price was $739,000 last month, up 6 percent from $697,000 in June 2017. The number of homes sold dropped by 8.5 percent, from 3,804 in June 2017 to 3,482 last month.

A total of 22,706 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 1.1 percent from 22,948 in May, and down 11.8 percent from 25,738 in June 2017.

The median price of a Southern California home was a record $536,250 in June, up 1.2 percent from $530,000 in May and up 7.3 percent from $500,000 in June 2017.

``A portion of last month's year-over-year sales decline reflects one less business day for deals to be recorded compared with June 2017,” said Andrew LePage, research analyst with CoreLogic. ``But affordability and inventory constraints are likely the main culprits in last month's sales slowdown, which applied to all six of the region's counties and across most of the major price categories.”

Photo: Getty Images

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