LA County signed contracts tick down — slightly — in June
But market remains strong as 5.4K homes found buyers
Los Angeles County’s housing market hot streak continued in June, despite dropping a few degrees.
Last month, 5,390 single-family homes and condos went into contract countywide, according to a Douglas Elliman report. It was a strong showing but down slightly from the 5,530 homes that went into contract in May and 5,845 in April, according to the report, prepared by appraisal firm Miller Samuel.
The number of homes sold in June was also well above June 2020, when 3,963 properties went into contract. This time last year, coronavirus restrictions had stifled the housing market, especially for condos. Last June, only 665 condos went into contract. Comparison, nearly 1,500 contracts for condos were signed last month.
Countywide, inventory is still tight but more listings are hitting the market. Just over 4,000 new single-family homes and condos went up for sale in June, compared to 3,500 in May. The latest totals are still well below last June, when 7,000 homes hit the market; of those, 5,419 were single-family properties.
At properties listed for $2 million and above, 460 contracts were signed for single-family homes — down from 523 in May — and 23 for condos went into contract, compared to 28 in May. One of the biggest condo sales last month involved Matthew Perry and his Century City penthouse, which finally sold, for $21.6 million. Still, that was well below the $35 million the “Friends” star had listed it for in 2019.
At the lower price range, sales were way down year over year. Just 14 contracts were signed for single-family homes listed at $300,000 and under, compared to 105 contracts in June 2020.