L.A., Orange County Home Prices Up 10%
Housing: Even though the number of sales falls in both
regions in April, the medians rise above year-ago levels.
By DARYL STRICKLAND, Times Staff Writer
Boosted by entry-level and move-up buyers, home
prices last month rose more than 10% in Orange and
Los Angeles counties as the bellwether market for
higher-end housing started to soften a bit.
Analysts have been watching for signs of weakness
in a surging home market that has defied a national
economy soured by layoffs, poor corporate financial
results and lagging stock prices. But housing overall has
remained largely oblivious to the economic slowdown.
The Southern California market pumped prices for
typical homes to $290,000 in Orange County and
$215,000 in Los Angeles County, according to a report
Monday from research firm DataQuick Information
Systems Inc. in La Jolla.
Both prices were slightly off the record highs of
March, but compared with the previous April, they were
10.7% higher in Orange County and 10.3% higher in
Los Angeles County.
However, the number of homes sold last month fell
7% in Orange County to 3,740 from a year earlier,
according to DataQuick. In Los Angeles County, sales
edged down 3% to 8,921.
Among more expensive homes, those selling for
roughly $500,000 to $800,000, sales dropped even
more, but the overall shortage of homes and low interest
rates have kept prices rising and the market strong,
analysts said.
more . . .
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