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Los Angeles County Home Prices Rise

The California Association of Realtors says the median price of a single-family home in Los Angeles County rose by 3.2 percent in August.

The median price of a single-family home in Los Angeles County rose by 3.2 percent last month compared to July, mirroring a climb in median prices statewide, the California Association of Realtors announced Monday.

The median home price countywide was $344,770 in August, compared to $334,190 in July, according to CAR.

On a year-to-year level, prices were 10.2 percent higher. In August 2011, the median price of a single-family dwelling was $312,900, according to CAR.

Statewide, the median price was $343,820 last month, compared to $333,860 in July—a 3 percent bump. The year-over-year increase was 15.5 percent. In August 2011, the median price of a single-family unit in California was $297,660.

It's the sixth straight month that median home prices have risen across the state, according to CAR. The median represents the point at which half of homes sell above a price, and the other half below it.

"The median price is gaining in part because of a shift in the mix of what is selling," said CAR Chief Economist Leslie Appleton-Young. "The increasing share of sales in higher-priced coastal markets at the expense of the inventory-scare distressed markets has been the primary factor in fueling the statewide median price.

"While higher-priced markets with a robust economy are experiencing a strong demand in equity sales and posting double-digit year-over-year price increases, sales in lower-priced markets that rely more on distressed properties were stagnant or even declined, as the inventory of (bank-owned) properties continues to wane."

Faro Avay September 18, 2012 at 06:32 AM
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