The median price of a single-family home in Los Angeles County was up 4.7 percent last month, compared to September 2017, while sales of existing homes dropped 22 percent, according to figures released Monday by the California Association of Realtors.
In Los Angeles County, the median price of a single-family home was $634,680 in September, up from $606,110 during the same month a year ago, according to C.A.R. The median price was up 4.5 percent from $607,490 in August.
In Orange County, the median price saw a 3.3 percent year-over-year jump, going from $799,000 in September 2017 to $825,000 last month, but a 1.6 drop from the August average of $838,500.
Median home prices rose 4.2 percent statewide compared to a year ago, according to C.A.R. The statewide median was $578,850 in September, up from $555,400 in September 2017 but down 2.9 percent from $596,410 in August.
“Price appreciations have slowed in the last few months and inventory has risen considerably since June when the statewide median price hit a new peak,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young.
“Buyers are becoming increasingly concerned about market developments and are reluctant to purchase at the prevailing market price. As such, the deceleration in price growth will likely continue in coming months.”
While prices were on the rise, home sales showed a year-over-year decline, CAR reported.
Home sales dipped 22 percent in Los Angeles County in September, compared to the same month last year and 18.3 percent between August and September. In Orange County, sales were down 21.8 percent from September 2017 and 20.3 percent from August.
Sales statewide dropped 12.4 percent in September, compared to the same month last year and 4.3 percent between August and September.
“The housing market continued to deteriorate and the decline in sales worsened as interest rates remained on an upward trend,” CAR President Steve White said. “More would-be buyers are self-sidelining as they believe home prices will start to come down soon, making housing more affordable despite rising interest rates.
“Tax reform, which increases the cost of homeownership, also is contributing to the decline, especially in high-cost areas such as the San Francisco Bay Area and Orange County.