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Saturday, Feb 24, 2024

Home Sales Rise, Prices Stabilize

Southern California home sales inched to a five-year high for September as prices have begun to stabilize, according to a report released Monday. Sales in the six-county region rose 1.2 percent to 19,112 homes, as the median price for all new and existing houses and condos hit $413,000. That was down nearly 2 percent from August but up 8.1 percent from September 2013, according to real estate data firm CoreLogic DataQuick in Irvine. In Los Angeles County, the median price hit $455,500, down about 2 percent from August but up 7.2 percent from a year earlier. The stabilizing prices pushed home sales up to 6,717 units last month, 3.4 percent higher than a year earlier. Still, Andrew LePage, an analyst with DataQuick, noted that sales growth is slowing from a lack of affordability. Last month was the first since June 2012 in which none of the six counties posted double-digit, year-over-year gains in prices. “Price appreciation has dipped into single-digit territory as more would-be buyers get priced out, investors back off and incomes rise modestly at best,” he said in a statement. “The good news for those looking to buy a home now is that mortgage rates remain very low in an historical context, and we’re past the peak home-buying season.” The region in the report includes Ventura, San Bernardino, Los Angeles, Orange, Riverside and San Diego counties.

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