LOS ANGELES (CBSLA.com) — Home prices are way up, and that may be the reason why the number of home sales has slowed in Southern California.
According to Core Logic, the median price of a home in Los Angeles County rose by 6.2 percent in June to $530,000, up from $499,000 in June 2015. A total of 7,869 homes were sold in the county, a dip of 3.5 percent, from the 8,152 sold during the same month the previous year.
Orange County saw a similar trend. The median price of a home was $657,500 last month, up 4.6 percent from $628,500 in June 2015. The number of homes sold dropped by 1.7 percent, from 3,850 in June 2015 to 3,786 last month.
A total of 24,326 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic. That was up 9 percent from 22,327 in May and down 0.2 percent from 24,377 in June 2015.
The median price of a Southern California home was $464,000 in June, up 1 percent from $459,500 in May and up 5 percent from $442,000 in June 2015.
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