A two-story home with driveway.
A two-story home. Photo from Pixabay.

The number of single-family homes sold in Los Angeles County moved upward in October, compared to the same month last year, bucking a statewide downward trend, the California Association of Realtors reported Thursday.

According to CAR, Los Angeles County home sales rose by 3.1 percent last month, compared to October 2016. Last month’s homes sales were up 7 percent over September. The median price of a Los Angeles County home last month was $580,360, down 4.2 percent from $606,110 in September but up 8.1 percent from $536,760 in October of last year.

In Orange County, home sales dipped by 1.6 percent in October compared to the same month in 2016, and they were down 8.4 percent from September. The median price in Orange County was $786,000 in October, down 1.6 percent from $799,000 in September but up 4.8 percent from $750,000 in October 2016.

CAR reported that the median sales price for a house statewide in October was $546,430, up 6.1 percent from October 2016 and down 1.6 percent from September. Home sales were down 3.4 percent October compared to the same month last year, but up 0.8 percent from September.

“While October’s year-to-year price gain was the lowest in five months, we’re still seeing solid price increases, especially in the San Francisco Bay Area. In fact, 20 of the tracked counties recorded strong double-digit, annual price gains,” said CAR Senior Vice President and Chief Economist Leslie- Appleton-Young. “As for home sales, we expect to see year-over-year sales softening in the upcoming months, primarily because of the high sales levels posted in October and November of 2016.”

–City News Service

Leave a comment

Your email address will not be published.