Los Angeles County saw a 7.1% increase in median home price in October, as compared to the same month a year ago. Dipping by 3.3% was the number of homes sold, according to CoreLogic DataQuick.
In October 2013, the median home price in Los Angeles County was $425,000 and 7,038 homes were sold. Last month, by comparison, the numbers were $425,000 and 6,808, respectively.
Orange County also edged up in median home prices with a 10.2% increase from $540,000 a year ago to $595,000 today. Like Los Angeles, the county saw a decrease in homes sold with a dip of 4.6%.
Looking at median home prices for all of Southern California — currently at $410,000 — CoreLogic reported a 0.7% decrease from September to October. With that being said, the area still saw a 6.8% jump since October 2013.
“It was another sub-par month for Southern California home sales,” said Andrew LePage, CoreLogic DataQuick analyst. “We’ve yet to see traditional buyers fill the void left by the drop-off in investor and cash buyers, which began in spring last year.”
LePage cites multiple reasons for this year’s lackluster sales. The number of new-home transactions remains at about half of the normal level, potential buyers may struggle with affordability and/or confidence, and many markets are constrained by resale inventory.
Still, as the Los Angeles Times points out, “Sales are likely to rebound during next year’s spring home buying season as the economy keeps growing.”
