The median price of a home in Los Angeles County rose by 5.4 percent in September, compared with the same month a year ago, while the number of homes sold jumped by 15.7 percent, a real estate information service announced today.
According to CoreLogic, the median price of a Los Angeles County home was $490,000 last month, up from $465,000 in September 2014. A total of 7,448 homes were sold in the county, up from 6,439 during the same month the previous year.
In Orange County, the median price was $615,000 last month, up 5.3 percent from $584,000 in September 2014. The number of homes sold rose by 15 percent, from 2,855 in September 2014 to 3,282 last month.
A total of 21,350 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 up 0.4 percent from 21,257 in August and up 13.1 percent from 18,874 in September 2015.
The median price for a Southern California home was $435,000 in September, down 0.7 percent from $438,000 in August and up 6.1 percent from $410,000 in September 2014.
“The slight pick-up in sales between August and September was atypical,” said Andrew LePage, a research analyst for CoreLogic. “On average, sales have declined nearly 10 percent between those two months over the past quarter-century. Given the rise in September sales, it seems likely the nearly 13 percent July-to-August decline was caused largely by the market’s inability to replenish the inventory of homes for sale fast enough to maintain the higher sales pace experienced in the early summer months.”
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“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”