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Home sales in many areas of California dropping

On Behalf of | May 27, 2016 | Residential Real Estate |

According to reports from CoreLogic, a real estate information service, the amount of residential properties that sold in Los Angeles County in April dropped 2.3 percent from the same month in 2015. At the same time, however, median prices of Los Angeles County homes increased by 7.3 percent compared with a year prior.

In April 2016, the average price for an Orange County residential home was $645,000, which was a 7.5 percent increase from April 2015 when the area’s homes sold for $600,000. However, the number of home sales decreased 6.5 percent from the prior period. Likewise, Los Angeles County residential property values increased when the average price of a home went from $484,750 in April 2015 to $520,000 in April 2016.

The report also noted that during April 2016, more than 20,000 new and resale condominiums and homes changed hands in Orange, San Bernardino, Ventura, San Diego, Tustin and Los Angeles counties. This amount reflects an increase of 4.2 percent from March and a decrease of 3.2 percent from April 2015 sales. Southern California overall saw a 6.8 percent increase in home values over the 12-month period. In April 2015, the median price for a residential property was $429,000, and in April 2016, homes were valued at $458,000.

Purchasing a home can be quite long and complicated, and it is often the largest single investment a person will ever make. Because there are many details involved, including escrow documents, mortgage applications and home inspections, potential homeowners may wish to consult an experienced real estate attorney to guide them through the process.

Source: Los Alamitos-Seal Beach Patch, “O.C.’S Real Estate Market Shows Signs of Slowing Down”, May 17, 2016