How Los Angeles County home prices tied record high $795,000 in September – Pasadena

Los Angeles County’s September sales were down 1% from August as prices increased to tie a record high at $795,000.

According to DQNews’ report on closed transactions, Southern California’s six-county median sales price hit another record high in September despite slowing sales from August. In the region, 23,960 homes sold, down 2.7% for the month, but up 0.6% in a year. Median sales price was record $688,500 — up 1.3% for the month, up 12.9% in a year.

Here are 12 Los Angeles County trends my trusty spreadsheet found within the DQNews report on closed transactions in September …

1. Sales: 7,736 existing and new residences sold — down 1% from August and up 6% from September 2020.

2. Context: You have to go back to 2006 to find any September with more sales. This was the No. 14 busiest September of the 34 since 1988. Last month was 18% above the 10-year average buying pace for September. Since 1988, a typical September sees a one-month sales drop 91% of the time with an average 9.8% decrease from August.

3. Past 12 months? 90,158 Los Angeles County purchases — 32% above the previous 12 months and 17% above the 10-year average.

4. Prices: The countywide $795,000 median for all homes — up 1.3% in a month and up 12% over 12 months. This ties the record set in July.

5. Context: Over 10 years, price gains averaged 9.6% annually. The latest performance tops 77% of all 12-month periods since 1988.

6. Pandemic era? 10 price records broken since February 2020, just before pandemic hit. The median’s $175,000 increase equals a $12.58 gain every hour over these 19 months.

Here’s a look into key slices of Los Angeles County’s market in September …

7. Existing single-family houses: 5,301 sold, up 7% in a year. Median of $850,000 — a 10% increase over 12 months.

8. Existing condos: 2,123 sales, up 8% over 12 months. Median of $650,000 — a 13% increase in a year.

9. Newly built: Builders sold 312 new homes, down 7% in a year. Median of $835,500 — a 9% increase over 12 months.

10. Builder share: 4% of sales vs. 4.6% a year earlier. Los Angeles County builders’ slice of the market ranks last among SoCal’s six counties.

And the bigger picture …

11. Rates: How cheap is money? Rates on a 30-year, fixed-rate mortgage averaged 2.87% in the three months ending in September vs. 3.6% in February 2020, just before the pandemic struck. At these rates, a buyer with 20% down would pay $2,637 a month on the $795,000 median sale vs. $2,256 on February 2020’s $620,000 median. So during the pandemic era, sale prices rose 28% but just 17% for a theoretical house payment.

12. Supply: House hunters still must search hard for something to buy. The number of Southern California homes for sale was 13% below September 2020, stats show.

Around Southern California, sales rose in none of the region’s six counties from August to September while prices rose in a trio of them. The details …

Orange County: 3,464…

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