Sales of Existing Homes Rise 2.1%; Off 0.9% in L.A.

Sales of existing homes nationwide rose 2.1% in August, continuing a three-month rebound, a real estate trade group said today.

The National Assn. of Realtors said house resales totaled a seasonally adjusted annual rate of 3.40 million units, compared to July’s revised 3.33 million rate. Sales rose 0.9% in June from the 1990 low of 3.30 million units in May.

In California, home sales were off 0.9% in Los Angeles County in August but up 7.8% in Orange County, although both totals reflect sharply lower activity compared to August, 1989, the California Assn. of Realtors said today.

The non-seasonally adjusted figures in Los Angeles represented a 24.3% decrease compared to the same month in 1989.

The median home price in the region fell 1.6% to $212,170 in August from $215,533 in July, and it was off 5% from the $223,344 median price reported a year ago, the group reported.

In Orange County, single-family home sales were up 7.8% from July but were down 22.7% from August, 1989.

The median price dipped 2.5% in August to $239,649 from $245,798 in July. That was 2.2% lower than a year ago, when the median-priced home sold for $244,947, the CAR said.

The national median existing-home price was $97,000 in August, down 1.3% from July but up 1.3% from a year earlier. The median means half of the homes cost more, half less.