Photo credit: Alexander Nguyen
Photo credit: Alexander Nguyen

The median price of a home in Los Angeles County rose by 5.4 percent in May, compared with the same month a year ago, while the number of homes sold edged up by 1.4 percent, a real estate information service announced Wednesday.

According to CoreLogic, the median price of a Los Angeles County home was $485,000 last month, up from $460,000 in May 2014. A total of 7,153 homes were sold in the county, up from 7,051 during the same month the previous year.

In Orange County, the median price was $610,000 last month, up 2.5 percent from $595,000 in May 2014. The number of homes sold rose by 7.4 percent, from 3,219 in May 2014 to 3,458 last month.

A total of 21,644 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic. That was down 1.7 percent from 22,020 in April and up 4.9 percent from 20,627 in May 2014.

The median price for a Southern California home was $426,000 in May, down 0.7 percent from $429,000 in April and up 2.2 percent from $417,000 in May 2014.

“Home price gains continue to run at much lower levels than a year ago, when most counties logged double-digit annual increases in their median sale price,” said Andrew LePage, a data analyst for CoreLogic. “The 2.2 percent annual gain in Southern California’s median price last month was the lowest in three years, but that’s partly because of a shift in market mix, with a higher share of sales occurring in more affordable areas.”

—City News Service

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