Home Prices Are Up in LA County, But Less Homes Sold Last Month

Patch file photo.
Patch file photo.

The median price of a home in Los Angeles County jumped by 20.6 percent in January, compared with the same month a year ago, while the number of homes sold dipped by 7.4 percent, a real estate information service announced Wednesday.

According to DataQuick, the median price of a Los Angeles County home was $410,000 last month, up from $340,000 in January 2013. A total of 4,913 homes were sold in the county, down from 5,308 during the same month the previous year.

In Orange County, the median price was $550,000 last month, up 19.6 percent from $460,000 in January 2013. The number of homes sold dropped by 9.3 percent, from 2,431 in January 2013 to 2,205 last month.

A total of 14,471 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to DataQuick. That was down 21.4 percent from 18,415 in December and down 9.9 percent from 16,058 in January 2013.

The median price for a Southern California home was $380,000 in January, down 3.8 percent from $395,000 in December and up 18.4 percent from $321,000 in January 2013.

"The economy is growing, but Southland home sales have fallen on a year- over-year basis for four consecutive months now and remain well below average," according to DataQuick President John Walsh. "Why? We're still putting a lot of the blame on the low inventory. But mortgage availability, the rise in interest rates and higher home prices, too."

—City News Service
Vito Spago February 13, 2014 at 05:08 PM
Too bad new homeowners cannot own houses in LA. Hopefully housing prices will be dropping soon. I think economists and Realtors are predicting a housing crash.


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