Home Sales Stagnate Across Los Angeles County

LOS ANGELES, CA — The median price of a home in Los Angeles County remained at $525,000 in February, the same as the previous month, a real estate information service announced Tuesday.

According to CoreLogic, the median price of a Los Angeles County home was up 7.9 percent over the $486,523 in February 2016. A total of 4,862 homes were sold in the county last month, down from 4,977 during the same month in 2016.

In Orange County, the median price was $645,000 last month, up 5.7 percent from $610,000 in February 2016, and up $10,000 from $635,000 last month. The number of homes sold fell by 3.7 percent year-to-year, from 2,351 in February 2016 to 2,265 last month.

A total of 14,891 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 3.4 percent from 15,422 in January and down 1.7 percent from 15,149 in February 2016.

The median price of a Southern California home was $460,000 in February, up 1.1 percent from $455,000 in January and up 7 percent from $430,000 in February 2016.

“Southern California’s February home sales fell a little from a year earlier; however, a closer analysis suggests demand was roughly flat — or even up a bit — from a year earlier,” said Andrew LePage, research analyst with CoreLogic. “That’s because this February had one less business day on which deals could be recorded, and the average number of transactions recorded daily was slightly higher compared with February 2016.

Regardless, February 2017 home sales were about 14 percent below the average February sales tally over the last 30 years,” LePage continued. “Activity continues to be constrained by the decline in affordability and the relatively thin inventory of homes for sale. San Bernardino County, which has the region’s lowest median sale price … was the only Southern California county to post a year-over-year increase in sales this February.”

By SoCal Patch