Home Prices Continue Upward Trend in L.A., Orange Counties

LOS ANGELES (CNS) - The median price of a home in Los Angeles County rose by 5.7 percent in July, 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 $607,500 last month, up from $575,000 in July 2017. A total of 6,971 homes were sold in the county, down 0.1 percent from 6,978 during the same month the previous year.

In Orange County, the median price was $735,750 last month, up 6.6 percent from $690,000 in July 2017. The number of homes sold rose by 0.4 percent, from 3,275 in July 2017 to 3,289 last month.

A total of 21,277 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 6.6 percent from 22,786 in June, and up 0.3 percent from 21,214 in July 2017.

The median price of a Southern California home was $530,000 in July, down 1.3 percent from the record high of $537,000 in June and up 5.8 percent from $501,000 in July 2017.

"It's not unusual for a regional median sale price to fall back a bit from an all-time high, such as the $537,000 record median logged this June,” said Andrew LePage, research analyst with CoreLogic. ``Last month's median price was up 5.8 percent relative to last July, which was the lowest annual growth in 18 months and a further sign of the continuing erosion or affordability.”

Photo: Getty Images

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