As Summer fades and Fall ascends, lower mortgage rates continue to spur strong home sales in Southern California, and median sale prices keep climbing amid an unremarkable national market.
In a new report out this week from CoreLogic, 22,071 new and existing houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in the month of July. That’s up 6.1% from June 2019, and up 3.7% over last year’s figures. The number of homes sold in July was the highest amount since 2015.
Other benchmarks from July’s data: The number of homes sold for $500,000 or more in SoCal rose 7.1% compared with July 2018, and sales of $1 million-plus homes increased by 2.4%. The median home sale price for L.A. county in July was $635,000, 5% higher than the same time last year, and 2.75% higher than in June.