Photo courtesy Business Wire.
Photo courtesy Business Wire.

The median price of existing single-family homes in Los Angeles County in October was $412,860, up 5.2 percent from $392,610 in October 2013, but down 0.2 percent from September’s price of $413,730, the California Association of Realtors reported today.

And despite the lowest mortgage rates in 18 months, existing home sales in the region were down 2.3 percent in October, compared with the same period in 2013.

Statewide, the median price for a single-family home in October was $450,620, up 5.4 percent from the $427,540 median price during the same period a year ago but a decrease of 2.3 percent from the $461,370 recorded in September 2014, according to CAR. Year-over-year home sales across the state were down 1.9 percent.

The median home price in Orange County in October was $692,390, up 4.9 percent from $660,070 in October 2013, but down 0.5 percent from the September 2014 figure of $696,190. Year-over-year home sales in Orange County were down 0.8 percent.

“As we move into the off-peak home buying season, prospective buyers who may have delayed their purchase earlier in the year should take advantage of the current favorable market conditions and resume their home search,”‘ said CAR President Chris Kutzkey. “With home prices stabilizing and interest rates dropping back down to levels not seen since mid-last year, housing affordability should improve to benefit buyers.”

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