Los Angeles County’s homebuying rebounded from pandemic challenges last month with sales just 2% below 2019’s level and a new pricing high set. DQNews reports Los Angeles County’s closed sales stats for July show … • 6,818 homes sold, existing and new — down 2% in a year. Year to date, 34,594 purchases were completed, down 16% vs. 2019. • Record high $670,000 countywide median selling price — up 5.5% over 12 months. The latest median is the third new peak hit this year. July marked a rebound from what was Southern California’s slowest-selling second quarter in the DQNews database dating to 1988. Business limitations designed to slow the coronavirus spread eased in late spring, but few homeowners were in the mood to sell. House hunters, motivated by historically low mortgage rates, nevertheless competed aggressively for the modest number of listed homes . Southern California’s median price of $585,000 was a record high, too. Here’s a look into key slices of Los Angeles market … Existing single-family houses: 4,725 sold, down 3.9% in a year. Median of $730,000 — a 9.8% increase over 12 months. Existing condos: 1,812 sales, up 4.6% over 12 months. Median of $540,000 […]
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