September marked record month for LA home prices

Median sales price rose above $700K, propelled by limited inventory and Covid-fueled demand

Los Angeles /
Oct.October 29, 2020 09:00 AM
(iStock)
(iStock)

Limited inventory, low interest rates and coronavirus-fueled demand sent home prices to a record high in September.

For the 7,287 deals that closed last month, the The median sale price was $710,000, according to Zillow data cited by the Los Angeles Daily News.

That was 14.5 percent higher than the September 2019 total and easily broke the $692,750 record set in August.

The number of home sales also reflects a near 20 percent increase year-over-year.

Other Southern California counties saw similar positive home sale activity. The third quarter was the fastest-selling quarter of the last 14 years across the region.

Orange County’s median home sale price increased 9 percent year-over-year to $785,000 — the highest in the region — and the nearly 3,800 deals marked a 30 percent increase year-over-year.

The median sales prices in Riverside and San Bernardino counties were 14 percent and 13 percent higher, respectively, year-over-year.

Though data isn’t complete, Zillow projects that for the week ending Oct. 17, home price sales would be up 4.2 percent year-over-year, with inventory down 24 percent.

The average rate on a 30-year fixed-rate mortgage hasn’t topped 3.33 percent since early April and has set record lows throughout the pandemic. In early September, the average rate sunk below 3 percent. [LADN] — Dennis Lynch 


Related Articles

arrow_forward_ios
(iStock)
LA signed contracts keep plummeting amid low inventory
LA signed contracts keep plummeting amid low inventory
(iStock)
Low inventory sends LA signed contracts down again
Low inventory sends LA signed contracts down again
(iStock)
Signed contracts dip again in LA
Signed contracts dip again in LA
SoCal Housing Market Has “Monster Quarter” (iStock)
LA residential market sees “monster quarter”
LA residential market sees “monster quarter”
State of California to hand out pandemic-related mortgage relief
State of California to hand out pandemic-related mortgage relief
State of California to hand out pandemic-related mortgage relief
Dip in signed contracts reflects LA’s ongoing inventory squeeze
Dip in signed contracts reflects LA’s inventory squeeze
Dip in signed contracts reflects LA’s inventory squeeze
Downtown LA’s Standard Hotel to shutter permanently
Downtown LA’s Standard Hotel to shutter permanently
Downtown LA’s Standard Hotel to shutter permanently
Hotel bookings in LA reached pre-pandemic levels in fall
Hotel bookings in LA reached pre-pandemic levels in fall
Hotel bookings in LA reached pre-pandemic levels in fall
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...