July 22, 2024 #1 Local News, Information and Event Source for the Century City/Westwood areas.

Los Angeles median home price rises 7.6 percent in July

The median price of a home in Los Angeles County rose by 7.6 percent in July, compared with the same month a year ago, while the number of homes sold dipped by 12.5 percent, a real estate information service announced today.

According to CoreLogic DataQuick, the median price of a Los Angeles County home was $457,000 last month, up from $425,000 in July 2013. A total of 7,012 homes were sold in the county, down from 8,012 during the same month the previous year.

In Orange County, the median price was $585,000 last month, up 8.4 percent from $539,500 in July 2013. The number of homes sold dropped by 11.3 percent, from 3,668 in July 2013 to 3,255 last month.

A total of 20,369 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 DataQuick. That was down 1.4 percent from 20,654 in June and down 12.4 percent from 23,253 in July 2013.

The median price for a Southern California home was $413,000 in July, down 0.5 percent from $415,000 in June and up 7.3 percent from $385,000 in July 2013.

“Prices came a long way in a couple of years, and now a lot of would-be buyers just can’t stretch their finances enough to buy in today’s more conservative lending environment,” said Andrew LePage, CoreLogic DataQuick analyst. “That’s not the only reason price appreciation is easing, but it’s one of the main ones. July was the first month in two years in which all but one of the six Southland counties posted a single-digit year-over-year increase in its median sale price.”

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