Countywide Home Prices, Sales Head Higher

CITY NEWS SERVICE
Published on Jul 16, 2021

The median price of a single-family home in Los Angeles County increased 9.7% last month, and sales of existing homes followed the same pattern, the California Association of Realtors said Friday.

The median home price countywide in June was $796,120, compared to $725,680 in May, according to CAR.

On a year-over-year level, the price was 28.5% higher; in June 2020, the median price of an existing single-family property was $619,320, data showed.

Statewide, the median price last month was $819,630, compared to $818,260 in May — up 0.2%. In June 2020, the median price was $626,170, reflecting a year-over-year rise of 31%.

The median represents the point at which half of homes sell above a price, and the other half below it.

“Tight supply, low rates and the change in the mix of sales continue to be the primary factors pushing up home prices to record levels,” CAR Chief Economist Jordan Levine said. “However, we are expecting price growth to slow from this point on as the top end of the market begins moderating.”

He anticipated “lackluster” sales activity for the second half of the year.

Last month, home sales countywide rose 13.7%, and they were up 42% year-over-year, according to CAR.

The association’s Unsold Inventory Index for June indicated that the median time a property was on the market before it sold in California was eight days, and it was the same in Los Angeles County.

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