Sales of Homes and Median Prices in Los Angeles Drop in October
Sales of existing homes and median prices in Los Angeles County decreased last month, dovetailing with statewide trends, the California Association of Realtors said Wednesday. According to CAR, home sales in the county dropped 6.1% from September and were down 40% from October 2017.
The association’s Unsold Inventory Index for October stated that the typical time a property was on the market in the county before it sold was 20 days. Twenty-three days across the state as a whole.
President of CAR Jennifer Branchini noted that while October’s sales and price results were poorer than what we’ve observed in the past couple of years and could drop more in the coming off-season, the market bottom may be in sight.
“Homes are still selling quite rapidly at 23 days on the market, one in four homes is selling above list price due to limited inventory, and with median price growth maintaining positive in four of the five price groups, home prices are holding up reasonably well.” She said.
The median price of an existing single-family home in October 2021 was $848,970
According to CAR, the typical home price in the county was $854,280 in October, down 4.2% from the previous month’s median home price of $891,770. The data showed that the median price of an existing single-family home in October 2021 was $848,970, a.6% increase from the previous year.
Statewide, the median price last month was $801,190, compared to $821,680 in September — down 2.5%. The median price in the state was $798,440 in October 2021, up just 0.3% from the previous year. The median represents the point at which half of the residences sell above a price and the other half below it.