The median price of a home in Los Angeles County now stands at $615,000. That’s an 8 percent hike compared to one year ago and an all-time high for the county, according to new data released today by real estate tracker CoreLogic.
June now marks the fourth month in a row when the county’s median price has set a new record.
It’s a tough climate for house hunters—and not just because prices are so steep. Inventory is low, and mortgage payments are ballooning, says CoreLogic analyst Andrew LePage.
“A lot of potential buyers are having a hard time,” he says.
Those factors, LePage says, likely contributed to a drop in the number of homes sold countywide in June. According to CoreLogic, 13.5 percent fewer homes sold last month compared to June 2017.
That’s the county’s biggest drop in total home sales since May 2014, when sales plummeted 15.1 percent year-over-year.
Los Angeles County home prices are among the highest in the region, but they’re not the steepest. That designation goes to Orange County, where the mid-point price of a home is now $739,000.
Across Southern California, the median is $536,250.
In a separate report released Monday, the California Association of Realtors found similar conditions statewide.
“The lackluster spring home-buying season could be a sign of waning buyer interest,” said Steve White, the association’s president. “Endlessly rising home prices and buyer fatigue adversely affected pent-up demand.”