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Housing Market Increases in Price, But Also Number of Sales

The median price of a home in Los Angeles County rose by 6 percent in August, compared with the same month a year ago, while the number of homes sold jumped by 5.4 percent, a real estate information service announced today.

According to CoreLogic, the median price of a Los Angeles County home was $530,000 last month, up from $500,000 in August 2015. A total of 7,725 homes were sold in the county, up from 7,331 during the same month the previous year.

In Orange County, the median price was $649,000 last month, up 6.4 percent from $610,000 in August 2015. The number of homes sold jumped by 14.5 percent, from 3,174 in August 2015 to 3,633 last month.

A total of 23,278 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 8 percent from 21,557 in July and up 9.5 percent from 21,263 in August 2015.

The median price of a Southern California home was $465,000 in August, the same as July but up 6.2 percent from $438,000 in August 2015.

“Last month’s Southern California home sales came in strong — the highest for an August in a decade,” said Andrew LePage, a research analyst for CoreLogic. “Job growth, low interest rates, household formation and other factors helped drive up activity. It’s very likely that August 2016 sales also got a boost from timing. This July had five weekends and fewer business days than usual, probably resulting in a significant number of transactions being recorded in August rather than July.

“The big picture is that the housing market continues to edge back toward normalcy in the wake of the worst housing bust in modern history,” he said.

 

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