SoCal Home-Buying Saw Most Active July in 4 Years Amid Falling Mortgage Rates
The median home sale price for LA County was $635K, up 5% from same time last year
Lower mortgage rates are helping spur stronger home sales in Southern California, as median sale prices keep climbing amid a nationwide housing market slowdown.
According to a new report by CoreLogic, 22,071 new and existing houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July.
That’s up 6.1 percent from June, and up 3.7 percent year over year. The total number of homes sold last month was the highest for the month of July since 2015.
“After 11 months of year-over-year declines, Southern California posted a modest annual increase in home sales in July,” said Andrew LePage, a CoreLogic analyst. “The gain is no surprise given the significant drop in mortgage rates in recent months, combined with a healthy job market, income growth and a rise in inventory.”
A property is listed for sale with Agent #1 who pays for professional photos of the property for the MLS. The home does not sell before the listing agreement expires. A few days after expiration of the listing the seller decides to hire Agent #2 from a different company. Without asking Agent #1 for permission, Agent #2 uses the same photos in their MLS listing as Agent #1. Has Agent #2 violated any rules?
Most likely, yes. Rule 11.5 of the of the California Model MLS Rules states that by submitting photography to the MLS, the participant represents and warrants that he or she owns the rights to reproduce and display such content. The use of photographs by a subsequent listing agent requires prior written authorization from the originating listing agent or any other appropriate party with the legal right to reproduce and display such photographs.
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