Home prices rose 5.8 percent in Los Angeles County in November, compared to the same month a year ago, while home sales dropped by nearly 16 percent, a real estate information service announced today.
According to CoreLogic, the median price of a Los Angeles County home was $600,000 last month, up from $567,000 in November 2017. A total of 5,462 homes were sold in the county, down 15.8 percent from 6,488 during the same month the previous year.
In Orange County, the median price was $719,000 last month, up 2.7 percent from $700,000 in November 2017. The number of homes sold dropped by 11.7 percent, from 3,022 in November 2017 to 2,669 last month.
A total of 17,170 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 down 10.7 percent from 19,236 in October, and down 12.3 percent from 19,575 in November 2017.
The median price of a Southern California home was $522,750 in November, down 0.4 percent from $525,000 in October and up 3.5 percent from $505,000 in November 2017.
“Last month’s 12 percent year-over-year drop in home sales marked the second largest decline in more than four years, behind a nearly 18 percent decrease this September,” said Andrew LePage, research analyst with CoreLogic.
“November’s slowdown affected all major price categories, including a nearly 10 percent annual drop in $1 million-plus sales, which have fallen on a year- over-year basis for three consecutive months.
“Higher mortgage rates worsened affordability constraints this year, and in recent months, stock market volatility could have contributed to the high-end pullback,” he said. “Market corrections can spook high-end buyers and leave some with inadequate funds to cover downpayment and closing costs.”