Rents Rise as Home Sales Drop

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Rents continued to rise in July in Southern California, according to Department of Labor‘s Consumer Price Index.

July marked the 11th consecutive month of rent increases in the area, and costs rose at an annual rate of 1.4 percent. While renters struggled to keep up with rising costs, the number of homebuyers in the region decreased.

The Los Angeles Times recently reported that both home sales and prices fell between June and July. While the dip may have disappointed real estate professionals who hoped summer home sales would continue to rise, home sales showed only minimal decreases from July of last year.

The median home price fell 4 percent to $283,000 between June and July. The number of homes sold also dropped from 20,532 to 18,090 in the same period, the source reports. Some of these declines may have been due in part to the market turmoil caused by the U.S. credit downgrade and debt debates.

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