We will discuss the latest Los Angeles housing market trends & news and find out how they can affect the investors and homebuyers. The shutdown due to coronavirus pandemic had an impact on the California economy and the real estate sector well. Home sales dropped over the past couple of months but prices remain high. In June, we saw a rebound in home sales. In Metro Los Angeles, home prices rose $18,000 or 11.6% to a new level of $553,000. Jump in sales was 48%. All the six counties of southern California saw an increase in sales as compared to May.
In LA county, the jump in the existing home sales was the highest from May, at 37.50%. All these figures are still lagging if we compare them to last year's June. The rise in home prices and sales have shifted the market conditions to a balanced one. The inventory still remains tight, and with the surge in the Covid-19 cases, sellers may back out again to further decrease the listings.
In Los Angeles County, sales rose 40.8% from May and fell 24.3% from a year earlier. The median price rose 4% from a year earlier to $643,000. In Orange County, sales rose 49% from May and fell 22.1% from a year earlier. The median price rose 4.1% from a year earlier to $765,000. The latest “LOS ANGELES HOUSING MARKET REPORT” is given below.