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Business Nov 16, 2022
| Photo courtesy of American Advisors Group/Flickr (CC BY-SA 2.0)
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Sales of existing homes and median prices in Los Angeles County fell last month, dovetailing with statewide trends, the California Association of Realtors said Wednesday.
In October, home sales countywide were down 6.1% compared with September and were off 40% compared with a year ago, according to CAR.
The association’s Unsold Inventory Index for October indicated that the median time a property was on the market in LA County before it sold was 20 days. Statewide, it was 23 days.
“While October’s sales and price results were weaker than what we’ve experienced in the past couple of years and could slow further in the upcoming off-season, the market bottom could be in sight,” CAR President Jennifer Branchini said in a statement. “Homes are still selling relatively quickly at 23 days on the market, one in four homes is selling above list price due to limited inventory, and with median price growth remaining positive in four of the five price segments, home prices are holding up reasonably well.”
The median home price countywide in October was $854,280, compared with $891,770 in September, a 4.2% decline, according to CAR.
On a year-over-year level, the price was .6% higher; in October 2021, the median price of an existing single-family property was $848,970, data showed.
October home sales in Orange County were down 17.6% compared with September and were 39% lower compared with a year ago, according to CAR.
The median home price countywide in October was $1.16 million, compared with $1.2 million in September, a 2.9% decline, according to CAR.
On a year-over-year level, the price was 4% higher in Orange County; in October 2021, the median price of an existing single-family property was $1.12 million, data showed.
CAR’s Unsold Inventory Index for October indicated that the median time a property was on the market in Orange County before it sold was 25 days. Statewide, it was 23 days.
Statewide, the median price last month was $801,190, compared with $821,680 in September — down 2.5%. In October 2021, the statewide median price was $798,440, reflecting an anemic year-over-year rise of .3%.
The median represents the point at which half of homes sell above a price, and the other half below it.
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