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LA County Home Sales Up, But Prices Slip In August

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LOS ANGELES (CBS) — Median home prices in the Southland slipped lower in August even as more homes were sold than during the same period last year, signaling lingering fears that the housing slump is far from over.

KNX 1070’s Vytas Safronikas reports the mixed report covers a six-county region of Southern California amid worries about job security and the health of the economy at large.

A total 6,595 new and existing homes and condominiums were sold in Los Angeles County in August, compared to 6,193 in July — a 6 percent increase — according to La Jolla-based DataQuick.

The median home price was $315,000, about 2 percent lower than in July.

“The market remains weak because people just don’t have the confidence to go out and buy,” said Andrew LePage of DataQuick. “We still got a lot of uncertainty about the economy and the direction the country’s headed politically and lots of people don’t want to step into the market unless they’re sure home prices have bottomed.

Compared to a year ago, home sales in Los Angeles County were up 6.7 percent, and prices were down roughly 5 percent, DataQuick reported.

In Orange County, 2,780 new and existing homes were sold in August,  a 12 percent jump compared to 2,465 in July, figures showed.

The OC’s median home price was $420,000, compared to $437,000 in July.

Year-over-year, homes sales in Orange County were 9.5 percent higher, while prices were down 4.5 percent.

(©2011 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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