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Business & Tech

LA County Home Sales Increase 11.9 Percent

The prices of homes statewide have reached their highest level since August 2010, according to the California Association of Realtors.

Home sales in Los Angeles County jumped by 11.9 percent in June, compared to the same month a year ago, while prices rose by 2.2 percent, a real estate information service announced today.

The numbers released by San Diego-based DataQuick were echoed by the California Association of Realtors, which released figures showing that sales in the Los Angeles metropolitan area rose by 5.8 percent last month, compared with June 2011. Los Angeles-area home prices also increased by 7.9 percent in June over the same month last year, according to CAR.

CAR noted that home sales dipped 4.7 percent between May and June in the L.A. metropolitan area, but home prices statewide have reached their highest level since August 2010.

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DataQuick reported that 7,619 homes changed hands in Los Angeles County last month, compared to 6,809 in June 2011. The median price of a home in Los Angeles County in June was $325,000, up from $318,000 in June 2011.

In Orange County, 3,351 homes were sold in June, up 13.7 percent from June 2011, when 2,947 were sold. The median home price was $453,000 last month, up 1.8 percent from $445,000 in June 2011, according to DataQuick.

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A total of 22,075 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in June, according to DataQuick. That was down 0.5 percent from 22,192 in May, and up 7.5 percent from 20,532 in June 2011.

The median price for a Southern California home was $300,000 last month, up 1.7 percent from $295,000 in May and up 5.3 percent from $285,000 in June 2011.

"The June numbers look pretty good at first glance, but they're more mixed when you scratch beneath the surface," said John Walsh, DataQuick president. "Yes, the median sale price rose again, but it's clear this has a lot to do with changes in the types of homes selling, rather than across-the- board price appreciation. Fewer of the homes selling now are foreclosures, while more are nice houses in mid- to higher-end neighborhoods."

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