SoCal home sales, prices jump in June
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Southern California home sales rose 18.1 percent from a year ago, while home prices also continued to rise, by 5.7 percent to $442,000.
New data released by CoreLogic shows that a total of 24,378 new and existing houses and condominiums were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in June, up 12.1 percent from May. June sales reached their highest level in nine years.
The year-over-year gains in Southern California home sales over the past five months mark the longest stretch of year-over-year sales gains since the first half of 2013, CoreLogic said.
“Southern California’s June home sales were the highest since summer 2006—the tail end of the last housing boom—and sales haven’t risen this sharply on a year-over-year basis in nearly three years,” said Andrew LePage, research analyst with CoreLogic. “Continued job growth, low mortgage rates, more confident consumers and other factors have put more wind in the housing market’s sails.”
June’s median sales price of $442,000 was up 2.8 percent from $430,000 in May 2015. Although the median home price was the highest for any month since October 2007 when it was $445,000, June’s figure is still 12.5 percent below the peak median price of $505,000 reached in March, April, May and July of 2007.
Silver Lake/ Los Feliz