The number of homes sold in Los Angeles County was virtually unchanged in September, compared to the same month a year ago, while prices rose by 9.7 percent, a real estate information service announced Friday.
A total of 6,188 homes changed hands in Los Angeles County last month, compared to 6,185 in September 2011, according to DataQuick. The median price of a home in Los Angeles County in September was $340,000, up from $310,000 in September 2011.
A total of 17,859 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in September, according to DataQuick. That was down 20.4 percent from 22,438 in August, and down 1.6 percent from 18,149 in September 2011.
The median price for a Southern California home was $315,000 last month, up 1.9 percent from $309,000 in August and up 12.5 percent from $280,000 in September 2011.
"The latest stats suggest unbelievable low mortgage rates and modestly higher consumer confidence continue to put pressure on a supply-starved housing market," DataQuick President John Walsh said. "We can't stress enough, though, that the median sale price and other price measures reflect more than just rising home values. There's been a major change in market mix, meaning fewer low-priced sales, fewer foreclosures re-selling and more sales in middle and upscale markets."
City-level data for September was not immediately available from DataQuick; however, in August, Rancho Palos Verdes saw a 4.42 percent decrease—from $905,000 to $865,000—in median home price between 2011 and 2012. Palos Verdes Estates, on the other hand, saw a 40.63 percent increase in median home price when comparing August 2011 with August 2012, with prices of $1,040,000 and $1,462,500, respectively.
Overall, the Palos Verdes Peninsula area saw an 8.21 percent increase in median home price, from $1,016,500 to $1,100,000.
—Editor Nicole Mooradian contributed to this report.