Rise in L.A. County Home Sales
CNS-- Home sales in Los Angeles County rose by 8.6 percent in October, compared to the same month a year ago, but prices fell by 8.5 percent, a real estate information service reported today.
A total of 7,409 homes sold in October, up from 6,824 for October 2008, while the median price of a home in Los Angeles County last month was $325,000, down from $355,000 in the same month a year ago, according to La Jolla-based MDA DataQuick.
In Orange County, the median home price was $436,500, up 3.9 percent from the October 2008 median of $420,000, according to DataQuick. A total of 2,800 homes were sold in the county last month, down 1.2 percent from the 2,833 home sales in October 2008.
According to DataQuick, 22,132 homes were sold in the six-county Southern California region in October, up 2.8 percent from 21,539 in September and up 2.8 percent from 21,532 in October 2008. Home prices across the region -- including Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties -- dipped 6.7 percent to $280,000.
"The government is playing a huge role in stabilizing and, to some extent, reinvigorating the housing market," said John Walsh, MDA DataQuick president. "Its actions have triggered ultra-low mortgage rates, plentiful low- down-payment financing, an extended and expanded tax credit for home buyers, and programs and political pressure aimed at reducing foreclosures."
The median price of a Southern California home was $280,000 in October, up 1.8 percent from $275,000 in September but down 6.7 percent from $300,000 in October 2008.