{"id":806,"date":"2018-09-27T19:48:15","date_gmt":"2018-09-27T19:48:15","guid":{"rendered":"http:\/\/www.luxerealtyhomes.la\/test\/\/\/?p=806"},"modified":"2021-11-22T18:56:33","modified_gmt":"2021-11-22T18:56:33","slug":"la-homes-prices-climb-back","status":"publish","type":"post","link":"https:\/\/www.luxerealtyhomes.la\/test\/la-homes-prices-climb-back\/","title":{"rendered":"LA Homes Prices climb back up"},"content":{"rendered":"\t\t
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LA Homes Prices climb back up\n
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LA Homes Prices climb back up\n
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A home prices climb back up, tying an all-time record Median sale price: $615,000<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Despite lagging sales, home prices in Los Angeles ticked up in August, tying an all-time record.<\/p>

According to real estate tracker\u00a0CoreLogic<\/a>, the median home price in LA County was $615,000 last month. That\u2019s a 1.2 percent increase\u00a0over July<\/a>\u00a0and equal to the\u00a0record-high price<\/a>\u00a0for the area set in June. It\u2019s also 7 percent above last year\u2019s median August price.<\/p>

More homes sold in August than during the month before, but sales were down 8.5 percent compared to the same time last year. Overall, it\u2019s been a sluggish summer for the Southern California real estate market, says CoreLogic analyst Andrew LePage.<\/p>

Across the region, the number of sales recorded between July and August was the lowest in four years.<\/p>

\u201cLack of affordable inventory is one of the main culprits of this summer\u2019s slowdown,\u201d LePage says, pointing out that the last time prices approached the level they are at today was in the years leading up to the Great Recession.<\/p>

One reason why homes aren\u2019t selling at the rate they did in those years, he says, is that buyers \u201cdon\u2019t have access to the sort of\u00a0risky subprime and other loans<\/a>\u201d that lenders were handing out at that time.<\/p>

Rising\u00a0mortgage interest rates<\/a>\u00a0are also making it harder for buyers to enter the market. LePage notes that, with interest rate increases factored in, monthly mortgage payments for Southern California buyers have climbed close to 16 percent in the last year.<\/p>

With fewer purchases being completed, more sellers in LA are\u00a0chopping prices<\/a>, according to a recent report from Zillow. Eventually,\u00a0real estate experts say<\/a>\u00a0that could lead to reduced sale prices.<\/p>

Whether that will make a big difference for LA homebuyers struggling to afford pricy mortgage payments<\/a>\u2014and even higher\u00a0down payments<\/a>\u2014remains to be seen.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Despite lagging sales, home prices in Los Angeles ticked up in August, tying an all-time record. More homes sold in August than during the month before, …<\/p>\n","protected":false},"author":2,"featured_media":2111,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nLA Homes Prices climb back up - Real Estate Companies in Los Angeles | Luxe Realty Homes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.luxerealtyhomes.la\/test\/la-homes-prices-climb-back\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LA Homes Prices climb back up - Real Estate Companies in Los Angeles | Luxe Realty Homes\" \/>\n<meta property=\"og:description\" content=\"Despite lagging sales, home prices in Los Angeles ticked up in August, tying an all-time record. 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