Home prices rose 5.3 percent in Los Angeles County in October, compared to the same month a year ago, while home sales dipped, a real estate information service announced Thursday.
According to CoreLogic, the median price of a Los Angeles County home was $595,000 last month, up from $565,000 in October 2017. A total of 6,383 homes were sold in the county, down 7.2 percent from 6,878 during the same month the previous year.
In Orange County, the median price was $720,000 last month, up 3.9 percent from $692,750 in October 2017. The number of homes sold dropped by 7 percent, from 3,106 in October 2017 to 2,890 last month.
A total of 19,193 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 up 10.3 percent from 17,394 in September, and down 7.5 percent from 20,752 in October 2017.
The median price of a Southern California home was $525,000 in October, up 0.3 percent from $523,500 in September and up 6.1 percent from $495,000 in October 2017.
“The almost 8 percent annual decline in October home sales was less than half as steep as the prior month’s drop,” said Andrew LePage, research analyst with CoreLogic. “But it continued a slowing trend that began during the heart of this year’s spring-summer homebuying season. Rising prices and mortgage rates have priced out some potential buyers while causing others to conclude that waiting to buy could pay off, especially as listings rise.”