Home Sales in Los Angeles County hit a 3 year high in July, as buyers are recognizing that now is a great time to buy with near historic low interest rates and sellers willing to make a great deal. Sales volume in Los Angeles County was up 23% in July over a year ago, and sales for the six county Southern California region have now increased for 13 months in a row., as reported by MDA DataQuick. Although the median sales price in Los Angeles County was down 20% compared to a year ago, it was up .3% over the previous month
Buyers of homes over $500,000 also increased to 20% of all resale transactions, up from a low this year in March of 15%. Although sales of more expensive homes have improved, this is still far below the 27% of homes sold last year. The availability of jumbo loans in excess of $417,000 has also recently improved. The improvement in sales of more expensive homes is also one explanation for the increase in the median sales price in the County.
More and more analysts believe that the improvement in sales and the improvement in the price indexes of resale homes indicate that we may have reached the bottom of the real estate market downturn in Southern California.
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