Southern California home sales slow but prices up as holiday season takes over
By Jeff Collins
The housing market’s traditional fall slowdown took hold in October, with a slight sales decline and an even more precipitous price drop.
The median price of a Southern California home was $495,000 in October, down $10,000 from September’s record-tying $505,000, real estate data firm CoreLogic reported Wednesday.
But Southern California home prices still were up $30,000, or 6.5 percent, year over year. The Southern California median has risen year over year for 67 consecutive months.
“The thin inventory of homes for sale, coupled with job growth and other factors, suggest continued upward pressure on home prices and rough going for first-time buyers,” said CoreLogic research analyst Andrew LePage.
All six Southern California counties in CoreLogic’s housing report had price drops from September to October but saw price gains year over year.
The Inland Empire had the strongest year-over-year price gains in the region. Riverside County’s median home price increased 6.9 percent to $358,000 in October. San Bernardino County’s median home price rose 12.3 percent to $320,000.
The median home price rose 7.6 percent to $565,000 in Los Angeles County and was up 5.3 percent to $690,000 in Orange County, which has the highest home prices in the region.
Southern California home sales increased to 20,735 transactions, up 3.6 percent from October 2016 levels, CoreLogic reported. That’s the region’s highest sales tally for an October since 2012.
“Amid a still-tight inventory, Southern California home sales edged up to a five-year October high,” LePage said.
The region’s two most affordable counties, Riverside and San Bernardino, posted the highest annual sales gains: Riverside County home sales increased 5.3 percent to 3,446, while San Bernardino County’s was up 12.4 percent to 2,838 transactions.
Los Angeles County home sales rose 4.2 percent to 6,860 transactions.
Orange, San Diego and Ventura counties posted year-over-year sales drops last month.
Part of the reason for the September-to-October price and sales […]