House prices in L.A. county are still on the up.
The median price of homes in the county rose by more than 7 percent last month, despite a 2.3 percent drop in the total number of sales, the Beverly Hills Courier reported, citing data from CoreLogic.
“Job growth, household growth and low mortgage rates are fueling housing demand, but many would-be homebuyers continue to struggle with inventory, credit and affordability constraints,” CoreLogic researcher Andrew LePage said.
According to the stats, the median price of a house in L.A. County was $520,000 in April — 7.3 percent more expensive than in April 2015. In terms of deal volume, 6,976 homes were sold, 161 fewer than during the same period last year.
L.A. County continues to be more expensive than the rest of Southern California, where the median home price was $458,000 in April.
In the city of L.A., prices are even pricier: In the first quarter of 2016, the median home price exceeded $1 million — a a 17.6 percent year-over-year increase and nearly 8 percent higher than the previous quarter.
The combined L.A., Long Beach and Glendale areas were ranked the second most unaffordable housing market in all of America, a National Association of Home Builders found last week. [Beverly Hills Courier] — Cathaleen Chen