LA home sale prices just set another record high

The median sales price in LA County was $618K, but sales dropped significantly

CoreLogic analyst Andrew LePage
CoreLogic analyst Andrew LePage

The median price of a home in Los Angeles County inched just a little higher last month compared to a year ago, but that uptick was enough to set yet another record. The number of sales also dropped significantly.

The county’s median sales price in June hit $618,000, around $3,000 higher than the same time in 2018, according to CoreLogic numbers cited by Curbed.

The modest year-over-year increase continues a trend of slowing growth that follows years of strong gains.

Coupled with slowing prices growth is slowing sales, despite the county and state’s housing shortage. Sales dropped 12.1 percent year-over-year last month. Home sales across the Southern California region were 21.6 percent below the average for June.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

CoreLogic said home prices are growing beyond the reach of prospective buyers, a trend that has led to slowing down sales.

“Southern California home prices have been close to flat all year,” LePage said. “This reflects tepid demand — at least at current prices.”

It was a similar story in May — year-over-year growth was 1.7 percent and sales dropped 3 percent during that period.

Buyers who can afford to make offers at least can take advantage of cheap financing. Mortgage rates have dropped back down to below 4 percent after rates rose steadily from the fall through the spring to a peak of around 5 percent. The drop in rates means more Southern California buyers are qualified for starter home mortgages. [Curbed]Dennis Lynch