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Southern California sees the first fall in house prices for 7 years




LOS ANGELES (CNS) – The median price of a home in Los Angeles County increased by 2.1 percent in March compared to the same month a year ago, despite median prices over Southern California, which dropped for the first time in seven years, according to the figures released Friday.

According to the CoreLogic real estate information service, the median price of a home in Los Angeles County was $ 597,500 in March, up from $ 585,000 in March 2018. In total, 5,749 homes were sold in the county, down from 6,801 in the same period a month. years ago.

In Orange County, the median price was $ 720,000 in March, down 0.7 percent from $ 725,000 in March 2018. The number of homes sold decreased by 22.8 percent, from 3 278 in March 201[ads1]8 to 3 347 last month .

A total of 17,960 new and resale homes and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange County last month, according to CoreLogic. It was up 33.4 percent from 13,465 in February and down 14.1 percent from 20,916 in March 2018.

The median price of a home in Southern California was $ 518,500 in March, up 1.2 percent from $ 512,500 in February, but down 0.1 percent from $ 519,000 in March 2018.

"The small, year-over-year decline – 0.1 percent – in Southern California's total median selling price last month marked it the first annual decline of seven years, "says Andrew LePage, research analyst with CoreLogic. "This reflects both the flattening of house prices in recent months, as well as a shift in market mix, where sales in higher cost areas represent a slightly lower proportion of all activity. & # 39;

Copyright © 2019 by City News Service, Inc. All Rights Reserved.



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