LOS ANGELES – The median price of a single-family home in Los Angeles County dropped last month, along with sales of existing homes, the California Association of Realtors reported Friday.
The median home price countywide in January was $697,660, compared to $709,500 in December, representing a 1.7% decline, according to CAR.
On a year-over-year level, the price was about 13% higher; in January 2020, the median price of an existing single-family property was $617,520, according to data.
Statewide, the median price last month was $699,890, compared to $717,930 in December — down 3%. In January 2020, the median price was $575,160, reflecting a year-over-year rise of 22%.
The median represents the point at which half of homes sell above a price, and the other half below it.
CAR Chief Economist Jordan Levine said “historically low interest rates” continue to bring buyers into the real estate market.
“The market outlook is stronger than previously projected as buyer demand continues to outstrip supply, but we do expect the current robust market growth to decelerate later this year as the housing shortage intensifies,” he said.
Last month, home sales countywide sank about 31%, but they were up 15% year-to-year, according to CAR.
The association’s Unsold Inventory Index for January indicated that the median time a property was on the market before it sold in California was 12 days. In Los Angeles County, it was 11 days.