Home sales in LA County up

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Home sales

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LOS ANGELES (CNS) – Home sales in Los Angeles County jumped by 20 percent in August, compared to the same month a year ago, while prices rose by 6.3 percent, a real estate information service announced today.

A total of 7,917 homes changed hands in Los Angeles County last month, compared to 6,595 in August 2011. The median price of a home in Los Angeles County in August was $335,000, up from $315,000 in August 2011.

In Orange County, 3,337 homes were sold in August, up 20 percent from August 2011, when 2,780 were sold. The median home price was $445,000 last month, up 6 percent from $420, 000 in August 2011, according to DataQuick.

A total of 22,438 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in August, according to DataQuick. That was up 9 percent from 20,588 in July, and up 14.2 percent from 19,654 in August 2011.

The median price for a Southern California home was $309,000 last month, up 1 percent from $306,000 in July and up 10.8 percent from $279,000 in August 2011.

“August was the strongest month for home sales so far this year, and the strongest for an August in six years,” DataQuick President John Walsh said. “That’s really saying something given the drop in low-end sales, especially foreclosure resales. Much of the pickup in activity reflects a continuation of trends we’ve seen for months, like the unleashing of pent-up demand in move-up markets and high levels of cash and investor buying.”

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