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Southern California records a decline in property prices for the first time in seven years



LOS ANGELES (CNS) – The average price of a Los Angeles County home rose 2.1 percent in March from the same month last year, even though average prices in Southern California fell for the first time in seven years. according to information released on Friday.

According to the CoreLogic property information service, the average price of a Los Angeles County property in March was $ 597,500, compared to $ 585,000 in March 2018. In total, 5,749 homes were sold in the county, while fewer than 6,801 properties were sold during the same period Month ago a year.

Orange County's average price in March was $ 720,000, down 0.7 percent from $ 725,000 in March 2018. The number of apartments sold increased from 3,278 in March 201

8 to 3,347 in the previous month.

A total of 17,960 new and resold homes and condos changed hands last month in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange, according to CoreLogic. That was an increase of 33.4 percent from 13,465 in February and a minus of 14.1 percent from 20,916 in March 2018.

The average price of a home in Southern California was $ 518,500 in March, up 1.2 percent $ 512,500 in February, but down 0.1% from $ 519,000 in March 2018.

"The tiny drop in the average total sales price in southern California last year – 0.1 percent – was the first annual decline in seven years last month "This is due both to a flattening of house prices in recent months and to a shift in the market mix, where sales in higher-cost areas account for a slightly lower share of all activity," said Andrew LePage, Research Analyst at CoreLogic.

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