Advertisement
Business

Home sales, price up in Southern California last month, report shows

Home sales

Signs direct home shoppers to open houses in Huntington Beach in June 2014.

(Bryan Chan / Los Angeles Times)

Southern California’s housing market continued its upward climb in August, with both home prices and sales rising compared to a year earlier, according to a report released Wednesday.

The figures from real estate data provider CoreLogic also sustained a trend evident for most of the year: slowing price appreciation even as sales continue to gain momentum. 

Sales across the six-county Southland climbed 8% from August 2014. That’s the seventh straight month of increases and the longest such stretch since late 2012 through early 2013.

Home prices climbed a more modest 4.3% to a median of $438,000. 

Advertisement

Economists have welcomed the slowdown in price appreciation from the double-digit rates of recent years. The more moderate gains signal a housing market that’s normalizing after years of dramatic swings.

Stunning photos, celebrity homes: Get the free weekly Hot Property newsletter >>

Meanwhile, an improving economy has given more families the confidence to make what is often the biggest purchase of their lifetimes, economists said. 

The housing market has improved nationally as well this year. In July, sales of previously owned homes reached an eight-year high. And on Wednesday, the National Assn. of Home Builders reported single-family builders haven’t been this confident since the housing bubble.

Advertisement

Regionally, sales and prices were up in all six Southern California counties. In Orange County, the median price rose 4.3%, while sales increased 3.4%.

In Los Angeles County, sales climbed 5.9% and prices 7.0%.

Follow me on Twitter: @khouriandrew

ALSO:

Zero-net energy home pilot set to open in Fontana

U.S. poverty rate and incomes remained stagnant in 2014, report says

Financial stability may be X factor in Fed’s interest rate decision


Advertisement