Home Sales Riding the Rollercoaster
The median price of an existing single-family home last month was $339,980
Thursday, Jan 7, 2010 | Updated 2:44 PM PST
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Home sales continued their roller coaster ride. In the Los Angeles County area, values increased by 6.7 percent in August compared with the same period a year ago, but were down 10.6 percent from the previous month, according to figures released Friday.
The median price of an existing single-family home in Los Angeles last month was $339,980, up 0.2 percent from $339,430 the previous month, but down 13.9 percent from $394,870 in August of last year, according to the California Association of Realtors.
In Orange County, the median price was $499,440 in August, down 0.2 percent from $500,210 from July and down 2.3 percent from $511,270 in August 2008. Home sales were up 5.9 percent in August, compared to the same month last year, but down 8.8 percent from July.
Statewide, home sales increased 9 percent in August, compared with the same period a year ago, but were down 5.1 percent from the previous month, according to CAR.
"First-time buyers continue to be the driving force in home sales throughout the state," said CAR President James Liptak. "The federal tax credit, which has helped more than 1.4 million people become first-time homeowners nationally, is set to expire Nov. 30. The tax credit is a proven economic stimulus that clearly is working, and should be extended through 2010 and expanded to include all home buyers."
The statewide median price of an existing single-family home was $292,960 last month, up 2.6 percent from $285,480 in July, but down 16.9 percent from $352,730 in August of last year, according to CAR.
"The statewide median price rose for the sixth consecutive month in August," said CAR Vice President and Chief Economist Leslie-Appleton-Young. "Recent price gains are consistent with the low inventory levels of the past few months. Levels of distressed properties remain high, but have declined compared with earlier in the year, and are one reason why inventory levels are running below the state's long-run average of 7.2 months."
