LA’s Median Home Price Stands at $619K in August

LA’s Median Home Price Stands at $619K in August

September 30, 2019

The market remains relatively flat, but some price points are still competitive, agents say (FROM CURBED LA)

Homebuyers hoping for prices to come down amid a recession might need to keep on waiting (or give up hope).

While median home prices in Los Angeles County dipped in August after a record-setting July, they’re up year-over-year. A new report from CoreLogic pegs the median price of a home at $619,000 in August, a 0.7 percent increase from August 2018.

Homes sold for $500,000 or more accounted for 70 percent of all sales last month, up from 68.2 percent in August of last year. Overall, however, sales are sluggish year-over-year; 443 fewer homes sold last month compared to the year prior, according to CoreLogic.

“Some buyers no doubt remain parked on the sidelines, concerned about the possibility of buying near a price peak, and affordability remains a challenge for many,” says CoreLogic analyst Andrew Page.

But that’s not translating to lower prices, and some price points, especially the $800,000 to $1.7 million range, remain competitive, according to local Real Estate Agents.

Buyers, says the consensus, “better be including a dear-seller letter, and they better be prepared for multiple offers.”

Still, the Los Angeles housing market has slowed considerably since last year—when home prices were climbing as much as 8 percent annually.

In the very high-end market, properties with “aspirational” price tags are selling for “what buyers know to be real value of the market,” giving an example of a home on the Bird Streets that was asking $25 million but was scooped up for $15 million. Many are using the word Stabilization to describe the current local atmosphere.  

WRITTEN BY JENNA CHANDLER FOR CURBED LA

 

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