3 years ago
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Los Angeles County’s September income were down 1% from August arsenic prices accrued to necktie a grounds precocious astatine $795,000.
According to DQNews’ study connected closed transactions, Southern California’s six-county median income terms deed different grounds precocious successful September contempt slowing income from August. In the region, 23,960 homes sold, down 2.7% for the month, but up 0.6% successful a year. Median income terms was grounds $688,500 — up 1.3% for the month, up 12.9% successful a year.
Here are 12 Los Angeles County trends my trusty spreadsheet recovered wrong the DQNews study connected closed transactions successful September …
1. Sales: 7,736 existing and caller residences sold — down 1% from August and up 6% from September 2020.
2. Context: You person to spell backmost to 2006 to find immoderate September with much sales. This was the No. 14 busiest September of the 34 since 1988. Last period was 18% supra the 10-year mean buying gait for September. Since 1988, a emblematic September sees a one-month income driblet 91% of the clip with an mean 9.8% alteration from August.
3. Past 12 months? 90,158 Los Angeles County purchases — 32% supra the erstwhile 12 months and 17% supra the 10-year average.
4. Prices: The countywide $795,000 median for each homes — up 1.3% successful a period and up 12% implicit 12 months. This ties the grounds 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. Pandemic era? 10 terms records breached since February 2020, conscionable earlier pandemic hit. The median’s $175,000 summation equals a $12.58 summation each hr implicit these 19 months.
Here’s a look into cardinal slices of Los Angeles County’s marketplace successful September …
7. Existing single-family houses: 5,301 sold, up 7% successful a year. Median of $850,000 — a 10% summation implicit 12 months.
8. Existing condos: 2,123 sales, up 8% implicit 12 months. Median of $650,000 — a 13% summation successful a year.
9. Newly built: Builders sold 312 caller homes, down 7% successful a year. Median of $835,500 — a 9% summation implicit 12 months.
10. Builder share: 4% of income vs. 4.6% a twelvemonth earlier. Los Angeles County builders’ portion of the marketplace ranks past among SoCal’s six counties.
And the bigger representation …
11. Rates: How inexpensive is money? Rates connected a 30-year, fixed-rate owe averaged 2.87% successful the 3 months ending successful September vs. 3.6% successful February 2020, conscionable earlier the pandemic struck. At these rates, a purchaser with 20% down would wage $2,637 a period connected the $795,000 median merchantability vs. $2,256 connected February 2020’s $620,000 median. So during the pandemic era, merchantability prices roseate 28% but conscionable 17% for a theoretical location payment.
12. Supply: House hunters inactive indispensable hunt hard for thing to buy. The fig of Southern California homes for merchantability was 13% beneath September 2020, Realtor.com stats show.
Around Southern California, income roseate successful nary of the region’s six counties from August to September portion prices roseate successful a trio of them. The details …
Orange County: 3,464 sold — down 6.6% for the month, down 7.8% successful a year. Median? $890,000 — 13% increase.
Riverside County: 4,256 sold — down 1.9% for the month, but up 3.2% successful a year. Median? grounds $527,000 — 18% increase.
San Bernardino County: 3,252 sold — down 4.6% for the month, but up 1.5% successful a year. Median? $463,000 — 17% increase.
San Diego County: 4,148 sold — down 2.8% for the month, down 3.9% successful a year. Median? $740,000 — 14% increase.
Ventura County: 1,104 sold — down 0.6% for the month, down 2.3% successful a year. Median? $725,000 — 9% increase.
Jonathan Lansner is the concern columnist for the Southern California News Group. He tin beryllium reached astatine jlansner@scng.com
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