The median price of a home in Los Angeles County now stands at $615,000. That’s an 8 percent hike compared to one year ago and an all-time high for the county, according to new data released today by real estate tracker CoreLogic.
June now marks the fifth month in a row when the county’s median price has set a new record.
It’s a tough climate for house hunters—and not just because prices are so steep. Inventory is low, and mortgage payments are ballooning, says CoreLogic analyst Andrew LePage.
“A lot of potential buyers are having a hard time,” he says.
Those factors, LePage says, likely contributed to a drop in the number of homes sold countywide in June. According to CoreLogic, 13.5 percent fewer homes sold last month compared to June 2017.
That’s the county’s biggest drop in total home sales since May 2014, when sales plummeted 15.1 percent year-over-year.
Los Angeles County home prices are among the highest in the region, but they’re not the steepest. That designation goes to Orange County, where the mid-point price of a home is now $739,000.
Across Southern California, the median is $536,250.
In a separate report released Monday, the California Association of Realtors found similar conditions statewide.
“The lackluster spring home-buying season could be a sign of waning buyer interest,” said Steve White, the association’s president. “Endlessly rising home prices and buyer fatigue adversely affected pent-up demand.”
Correction: A previous version of this story stated that LA’s price record had been broken for the fourth month in a row in June. In fact, it was broken for the fifth month in a row.
- LA housing prices break another record [Curbed LA]
- Buying in LA has never been pricier [Curbed LA]
Comments
My guess is we will see a flatlining of prices for a year.
By Balmung on 07.24.18 4:48pm
My guess is you can basically copy/paste this article into eternity (LA County Median Home Price Soars to New Recors High)
By SocalChill on 07.24.18 5:03pm
property markets are starting to crash all over the world.
los angeles isn’t going to make it another year. doesn’t have a snowball’s chance in hell.
By Люцифер on 07.25.18 2:41am
dear market, please hold on for another 9 months or so until I can sell and get out of here.
By LAoneWay on 07.24.18 5:02pm
might want to err on the side of caution.
i just got my last building under contract, after well over a year on the market. had to cut the asking price 15% to make the deal fly.
if you objectively look at market conditions at the moment, they’re outright terrifying. we’re definitely going into another 2008 crash.
By Люцифер on 07.25.18 2:39am
Ha, and then smart first-time home buyers who have been renting as cheaply as possible and living within their means can POUNCE.
Of course, that is by no means a unique situation, so demand for housing should remain robust.
By Greyvagabond on 07.26.18 4:40pm
Sometimes it’s like you argue against yourself.
By CaliSon on 07.31.18 10:14am
But didn’t we just read about that darling couple in Glendale who make greeting cards and tend their pooch and bought a whimsically color-coordinated dreamland? So what’s the problem?
By saggingharbor on 07.24.18 8:46pm
I thought they rent the house.
By Shulius Julman on 07.25.18 11:16am
It was a rental, they probably make 50k a year combined. A glorified article nonetheless.
By Honest Bruin on 07.25.18 11:58am
This is so sad. How are hard working Angelinos ever going to get a break. It’s a shame that a fixer upper in the ghetto costs 600k. Many jobs do not pay enough to be able to afford such mortgage payments. I hope the there is a correction coming and the housing market crashes.
By Kermit Kardashian on 07.24.18 9:04pm
What would that Correction look like to you? What kind of percentage discount off an asking price? If the market tanks do you think people who are already getting by with the LA median income are going to have the means then to purchase ?? Assuming there might be a Spillover catalyst to the job world where many will be layed off, even harder to get a loan, etc.. so many folks talking about LA needs a "major" correction, but nobody mentions what other implications might follow with that …
By Gonesurfing on 07.25.18 9:13am
So many people in LA just need to move out and move on with their lives (in a new affordable location) It’s not the end of the world life still move on without LA. Maybe a good chance to grow up and become a home owner and see things from a new perspective…
By Honest Bruin on 07.25.18 10:48am
Right, no one has a right to live in LA
By LAwastheplace on 07.25.18 11:36am
People should not have to leave everyone and everything they know to be able to afford housing.
By Kermit Kardashian on 07.25.18 10:30pm
Except this is what people do, all the time, wherever they have freedom of movement. They pack up & move to a place where they can have a better quality of life, a big factor of which is decent housing they can afford.
The immigrant experience is characterized by this times eleventy — not only leaving people you love but frequently having to learn a whole new language, a new culture, new laws, being the outsider.
If the immigrants who came from all over the world to America 100 and 200 yrs ago could hack it — esp when there was no welfare welcome wagon — I’m pretty sure people in 2018 can hack moving from LA to Iowa.
Life is about making choices. Nobody gets everything they want.
By Shulius Julman on 07.26.18 9:51am
I understand where you are coming from but I don’t think that the people who make the community they live in what it is should have to leave.
By Kermit Kardashian on 07.26.18 7:19pm
No you clearly don’t understand by the comment you just made. Neighborhoods change over time, (all over the world) you pay or leave that’s life.
By LeBasque on 07.27.18 12:10am
Your clearly incompetent
By Kermit Kardashian on 07.28.18 3:53am
No, he’s right, you don’t have to leave a neighborhood you love, but you don’t have the right to own a house there if you can’t afford it. You either settle on renting a small apartment or you move to where you can afford a home. People do it all the time, it’s called compromise
By mrjim1 on 07.28.18 4:13am
C O M P R O M I S E !!!
That’s the scariest word of them all!
By MonrovianSurfNutz911FAQ2Serious! on 07.28.18 11:15am
Or you spend several years improving your skills and earning potential so you can afford to live in a nice neighborhood.
I’m always confused to read stories about a family that is suddenly getting priced out of a neighborhood or house that they lived in for decades. Decades? That’s not sudden. That is a long opportunity for you to improve your situation.
By CaliSon on 07.31.18 10:19am
But Trump will save us! He can do anything.
By Mr. Charlatan on 07.25.18 7:17am
Wrong comment section.
By LADude on 07.25.18 3:21pm
theres never a wrong time to remind our fellow citizens that there is a man-child in the Oval Office
By YCHTARS on 07.26.18 11:48am