The median price of a Los Angeles County home increased by 5 percent in July, compared to the same month a year ago, while sales remained unchanged, according to figures released this week.
According to the CoreLogic real estate information service, the median price of a Los Angeles County home was $635,000 in July, up from $605,000 in July 2018. A total of 6,965 homes were sold in the county, compared to 6,966 in the same month a year ago.
In Orange County, the median price was $729,000 in July, down 0.8 percent from $735,000 in July 2018. The number of homes sold dropped by 1.7 percent from 3,287 in July 2018 to 3,231 last month.
A total of 22,071 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 6.1 percent from 20,795 in June, and up 3.7 percent from 21,292 in July 2018.
The median price of a Southern California home was $540,000 in July, down 0.3 percent from $541,750 in June and up 1.9 percent from $530,000 in July 2018.
“After 11 months of year-over-year declines, Southern California posted a modest annual increase in home sales in July,” said Andrew LePage, research analyst with CoreLogic. “The gain is no surprise given the significant drop in mortgage rates in recent months, combined with a healthy job market, income growth and a rise in inventory.”