Housing chill? Los Angeles County’s homebuying, prices dip in August

Los Angeles County’s homebuying cooled arsenic prices and income dipped somewhat successful August from July.

It was the aforesaid crossed Southern California arsenic prices dipped in August from July — first diminution since January. Sales slowed, too.

With that backdrop regionally, present are 12 must-watch trends my trusty spreadsheet recovered wrong DQNews/CoreLogic’s study connected closed transactions August for Los Angeles County …

1. Sales: 7,799 existing and caller residences sold — down 5% from July, though, up 14% from August 2020.

2. Context: You person to spell backmost to 2017 to find immoderate August with much sales. Last period was 5% supra the 10-year mean buying gait for August.

An mean August has had income increases of 2.5% since 1988. Sales increases person occurred 56% of the clip betwixt August and July.

3. Past 12 months? 89,707 Los Angeles County — 34% supra the erstwhile 12 months and 17% supra the 10-year average.

4. Prices: The countywide $785,000 median was disconnected $10,000 successful a period but up 13.4% successful 12 months. Record high? $795,000 acceptable successful July.

5. Context: Over 10 years, terms gains averaged 9.6% annually. The latest show tops 77% of each 12-month periods since 1988.

6. Past 12 months? Six records set. The median’s $93,000 summation equals a $10.62 summation each hr implicit 12 months.

Here’s a look into cardinal slices of Los Angeles County’s marketplace successful August …

7. Existing single-family houses: 5,356 sold, up 13% successful a year. Median of $855,000 — a 14% summation implicit 12 months.

8. Existing condos: 2,144 sales, up 17% implicit 12 months. Median of $625,000 — a 9% summation successful a year.

9. Newly built: Builders sold 299 caller homes, up 15% successful a year. Median of $789,500 — a 16% summation implicit 12 months.

10. Builder share: 3.8% of sales, aforesaid arsenic a twelvemonth earlier. Los Angeles County builders’ portion of the marketplace ranks No. 5 among SoCal’s six counties.

And the bigger representation …

11. Rates: How inexpensive is money? Rates connected a 30-year, fixed-rate owe averaged 2.9% successful the 3 months ending successful August vs. 3.04% a twelvemonth earlier. That translates to 2% much buying powerfulness for location hunters.

At these rates, a purchaser with 20% down would wage $2,613 a period connected the $785,000 median merchantability vs. $2,345 connected past year’s $692,000 median. So during the past year, the emblematic location outgo is 11.4% pricier.

12. Supply: The fig of Southern California homes for merchantability has been ticking upward steadily since February, rising 18% done August, Zillow figures show.

Around Southern California, according to DQNews’ latest study connected closed income successful August …

Six-county region: 24,565 sold — down 2% for the month, but up 8% successful a year. Median? $680,000 — a 14% increase.

Orange County: 3,708 sold — up 1% for the month, up 5% successful a year. Median? $900,000 — a 13% increase.

Riverside County: 4,271 sold — down 3% for the month, but up 6% successful a year. Median? record-tying $525,000 — a 19% increase.

San Bernardino County: 3,409 sold — up 4% for the month, up 9% successful a year. Median? grounds $465,000 — a 22% increase.

San Diego County: 4,267 sold — down 4% for the month, but up 3% successful a year. Median? $725,000 — a 13% increase.

Ventura County: 1,111 sold — down 4% for the month, but up 1% successful a year. Median? grounds $740,250 — a 15% increase.

Jonathan Lansner is the concern columnist for the Southern California News Group. He tin beryllium reached astatine jlansner@scng.com