Southern California home sales surge in July, report says
Signs direct home shoppers to open houses in Huntington Beach in June 2014.
The Southern California housing market is enjoying a summer almost as hot as the weather.
Home sales reached a nine-year high in July, while prices climbed 5.5% from a year earlier, according a report out Tuesday from CoreLogic.
The data represent a housing market that’s picked up steam from a sluggish 2014, as an improved economy gives more families the confidence to purchase a home. June sales were also at a nine-year high.
“Much of today’s demand stems from job growth, low mortgage rates and a more confident consumer,” CoreLogic analyst Andrew LePage said.
Compared with July 2014, sales rose 16.9%.
The median price -- the point where half the homes sold for more and half for less -- ticked down 0.9% from June, to $438,000. However, LePage said, such a month-to-month dip is not unusual and likely represents a shift in the mix of homes selling.
Sales climbed in all six counties tracked by CoreLogic: Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura.
In Los Angeles County, sales jumped 13.5% from a year earlier, while the median price rose 4.7% to $492,000.
In Orange County, prices increased 5.3% to $615,000, with sales up 15.5%.
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