The price of a typical home in Los Angeles County went up ever-so-slightly in November, according to a new report from real estate data tracker CoreLogic.
The county’s median sale price dropped to $565,000 in October after reaching a record-high $575,000 earlier this year. Now, prices are back up to $567,000—an increase of 0.4 percent over the month before and 7 percent over November of 2016.
The total number of homes sold, however, fell off a bit; in October, 6,878 homes sold, but in November that number fell to 6,494 (a drop of 5.6 percent).
Across Southern California, it’s not unusual to see prices rise a bit between October and November, even though the number of homes sold typically goes down during the fall and winter months. According to CoreLogic, the typical bump in home prices from October to November is around 0.8 percent.
CoreLogic analyst Andrew LePage says sales of pricier homes are up, while the number of lower-priced homes on the market is shrinking.
“Even though the lower price ranges have strong demand driven by economic and demographic factors,” LePage says, “inventory tends to be tightest in the more affordable areas and new-home construction has been focused on the middle- and high-end of the market.”
Across Southern California, more than half of all sales in November were over $500,000. The number of sales over $1 million, meanwhile, shot up nearly 15 percent over the year before.
Even though prices are nearly as high as they’ve ever been, they still don’t quite rival the exorbitant pre-recession costs seen a decade ago. Adjusted for inflation, Southern California’s median sale price is still 13 percent lower than it was during the summer of 2007.
Source: Curbed LA