A monthly report by the California Association of Realtors has shown that median home prices in Los Angeles County drastically increased in June. Homes sales rose modestly, according to the data.
The report on inventory and price activity, released Thursday, pointed out that the median price of a single-family home in L.A. County was $301,300 last month, compared to $271,540 in May— an 11 percent rise.
But compared to a year ago, prices were down 3.9 percent. The median level represents the midpoint of values.
Median home prices in California in June rose 1 percent to $295,300, from $292,420 in May, according to the report.
Compared to a year ago, prices across the state were off 5.9 percent as the median price of a single-family home was $313,890.
As for home sales in the county, figures showed that existing home sales were up 2.4 percent from May to June, and down 11.6 percent from June 2010.
Sales of existing homes statewide rose 1.2 percent month-to-month, according to the report. The median number of days it took to sell a home was 50.3.
“Looking across the state, a number of areas are showing signs of strength, especially in the San Francisco Bay Area, primarily because of the strong performing tech industry,” said California Association of Realtors Chief Economist Leslie Appleton-Young in a statement.
But the association’s president, Beth Peerce, warned in a statement that the positive signals shouldn’t be interpreted as a turnaround for the state’s real estate market.
Federal changes to mortgage loan limits and down payment requirements set to take effect Sept. 30 could “adversely affect the market,” she said.
June 2011 county sales and price activity for existing single-family detached homes:
(Source: California Association of Realtors)
— City News Service contributed to this report.
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