The median price of a single-family home in Los Angeles County dropped last month, along with sales of existing homes, while in Orange County prices rose but sales plummeted, the California Association of Realtors reported Friday.
The median home price countywide in the Los Angeles region in January was $697,660, compared to $709,500 in December, representing a 1.7% decline, according to CAR. On a year-over-year level, the price was about 13% higher; in January 2020, the median price of an existing single-family property was $617,520.
In Orange County, the median home price in January was $971,000, compared to $950,000 in December, representing a 2.2% increase, according to CAR. On a year-over-year level, the price was about 13.6% higher; in January 2020, the median price of an existing single-family property was $855,000.
Statewide, the median price last month was $699,890, compared to $717,930 in December — down 3%. In January 2020, the median price was $575,160, reflecting a year-over-year rise of 22%.
The median represents the point at which half of homes sell above a price, and the other half below it.
CAR Chief Economist Jordan Levine said “historically low interest rates” continue to bring buyers into the real estate market.
“The market outlook is stronger than previously projected as buyer demand continues to outstrip supply, but we do expect the current robust market growth to decelerate later this year as the housing shortage intensifies,” he said.
Homes sales in Los Angeles County sank about 31% in January when compared to the previous month, but they were up 15% year-to-year, according to CAR. In Orange County, home sales countywide slid about 30% in January, but they were up 14% year-to-year.
The association’s Unsold Inventory Index for January indicated that the median time a property was on the market before it sold in California was 12 days. In Los Angeles and Orange counties, it was 11 days and 10 days, respectively.