The median price of a home in Los Angeles County rose by 7.6 percent in October, compared with the same month a year earlier, while the number of homes sold increased by 4.2 percent, a real estate information service announced Wednesday.
According to CoreLogic, the median price of a Los Angeles County home was $565,000 last month, up from $525,000 in October 2016. A total of 6,860 homes were sold in the county, up from 6,585 during the same month the previous year.
In Orange County, the median price was $690,000 last month, up 5.3 percent from $655,000 in October 2016. The number of homes declined by 0.5 percent, from 3,118 in October 2016 to 3,102 last month.
A total of 20,735 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic. That was down 1.6 percent from 21,075 in September and up 3.6 percent from 20,012 in October 2016.
The median price of a Southern California home was $495,000 in October, down 2 percent from $505,000 in September and up 6.5 percent from $465,000 in October 2016.
“Amid a still-tight inventory, Southern California home sales edged up to a five-year October high as the number of homes selling for $500,000 or more rose 14.4 percent year over year, offsetting a nearly 5 percent decline in sub- $500,000 deals,” said Andrew LePage, research analyst with CoreLogic.