Advertisement

Southern California home sales surge in July, report says

Southern California home sales surge in July, report says
Signs direct home shoppers to open houses in Huntington Beach inJune 2014. (Bryan Chan / Los Angeles Times)

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%.

Follow me on Twitter: @khouriandrew

Advertisement
Advertisement