L.A. County Home Sales Jump 20 Percent

by KW Calabasas on General October 30th has no comments yet!

Home sales in Los Angeles County jumped by 20 percent in August, compared to the same month a year ago, while prices rose by 6.3 percent, a real estate information service announced Thursday.

A total of 7,917 homes changed hands in Los Angeles County last month, compared to 6,595 in August 2011, according to DataQuick. The median price of a home in Los Angeles County in August was $335,000, up from $315,000 in August 2011.

A total of 22,438 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in August, according to DataQuick. That was up 9 percent from 20,588 in July, and up 14.2 percent from 19,654 in August 2011.

The median price for a Southern California home was $309,000 last month, up 1 percent from $306,000 in July and up 10.8 percent from $279,000 in August 2011.

“August was the strongest month for home sales so far this year, and the strongest for an August in six years,” DataQuick President John Walsh said. “That’s really saying something given the drop in low-end sales, especially foreclosure resales. Much of the pickup in activity reflects a continuation of trends we’ve seen for months, like the unleashing of pent-up demand in move-up markets and high levels of cash and investor buying.”

Though city-specific results were not available for August through DataQuick, Redondo Beach saw large gains in year-over-year results for July.

During July 2012, Redondo Beach saw 76 homes sold at a median price of $680,000—a 10.57 percent increase over the July 2011 median home price of $615,000 in the city.

This increase was much steeper than the increase for the South Bay as a whole, where the median price increased 3.72 percent from $511,000 in July 2011 to $530,000 in July 2012.

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