The median price of a Los Angeles County home inched upward by 0.7% in August, compared to the same month a year ago, but sales dropped by 5.9%, according to figures released Wednesday.
According to the CoreLogic real estate information service, the median price of a Los Angeles County home was $619,000 in August, up from $615,000 in August 2018. A total of 7,063 homes were sold in the county, compared to 7,506 in the same month a year ago.
In Orange County, the median price was $719,500 in August, down 1% from $727,000 in August 2018. The number of homes sold dropped by 3%, from 3,317 in August 2018 to 3,217 last month.
A total of 22,025 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 0.2% from 22,073 in July, and down 1.2% from 22,284 in August 2018.
The median price of a Southern California home was $535,000 in August, down 0.9% from $540,000 in July and unchanged from August 2018.
“The region’s median sale price has been close to flat on a year-over-year basis all year, dipping as much as 0.4% in March and rising as much as 1.9% in July,” said Andrew LePage, research analyst with CoreLogic. “One of the reasons last month’s median was unchanged from a year ago is because of a change in market mix, meaning a shift toward a higher share of sales occurring in some of the region’s more affordable areas.”