Apartment cold? Los Angeles County Property For Sale, Prices Fall In August – Daily News

Los Angeles County home purchases cooled as prices and sales fell slightly in August versus July.

It was the same across Southern California when prices fell in August versus July – the first drop since January. Sales also fell.

With that in mind, here are 12 must-watch trends my trusted table found in DQNews / CoreLogic’s August Transaction Report for Los Angeles County …

1. Sales: 7,799 existing and new apartments sold – 5% less than in July, 14% more than in August 2020.

2. Context: You have to go back to 2017 to find August with more sales. The past month was 5% above the 10-year average buying pace for August.

An average August has seen sales increases of 2.5% since 1988. Between August and July, sales increased 56% of the time.

3. Last 12 months? 89,707 Los Angeles County – 34% over the last 12 months and 17% over the 10-year average.

4. Pricing: The statewide median of $ 785,000 was less than $ 10,000 in a month but rose 13.4% in 12 months. Record high? $ 795,000 set in July.

5. Context: Over 10 years, the price gains averaged 9.6% per year. The most recent performance exceeds 77% of all 12-month periods since 1988.

6. Last 12 months? Six records set. The median increase of $ 93,000 corresponds to a profit of $ 10.62 per hour over 12 months.

Here’s a look at key portions of the Los Angeles County’s market in August …

7. Existing single family homes: 5,356 sold, an increase of 13% in one year. Median of $ 855,000 – an increase of 14% over 12 months.

8. Existing condos: 2,144 sales, 17% over 12 months. Median of $ 625,000 – an increase of 9% in one year.

9. Newly built: Builders sold 299 new houses, an increase of 15% in one year. Median of $ 789,500 – an increase of 16% over 12 months.

10. Owners’ share: 3.8% of sales, as in the previous year. Los Angeles County’s market share of construction companies ranks fifth out of SoCal’s six counties.

And the bigger picture …

11. Prices: How cheap is money? The interest on a 30-year fixed-rate mortgage averaged 2.9% in the three months to August, compared to 3.04% in the previous year. That means 2% more purchasing power for those looking for a home.

At these rates, with a 20% decrease, a buyer would pay $ 2,613 monthly for the average sale of $ 785,000, up from $ 2,345 for last year’s median of $ 692,000. In the past year, the typical house payment was 11.4% more expensive.

12. Offer: The number of homes for sale in Southern California has risen steadily since February and rose 18% through August, according to Zillow’s numbers.

Around Southern California, according to DQNews’ latest August closed sales report …

Six County Region: 24,565 sold – 2% less for the month but 8% more in a year. Median? $ 680,000 – an increase of 14%.

Orange County: 3,708 sold – up 1% for the month, up 5% in a year. Median? $ 900,000 – an increase of 13%.

Riverside County: 4,271 sold – 3% less a month but 6% more in a year. Median? a record $ 525,000 – a 19% increase.

San Bernardino County: 3,409 sold – up 4% for the month, up 9% in a year. Median? A record $ 465,000 – an increase of 22%.

San Diego County: 4,267 sales – down 4% for the month but up 3% in a year. Median? $ 725,000 – an increase of 13%.

Ventura County: 1,111 sold – down 4% for the month but up 1% in a year. Median? A record $ 740,250 – an increase of 15%.

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]