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.”