Los Angeles County homebuying tumbles 16% as house payments soar 37%

Los Angeles County homebuying cooled by 16.1% in May as rising prices as soaring mortgage rates created 37% higher house payments.

Across Southern California, 20,470 single-family, condominium, existing and newly constructed homes — sold in six counties, down -5% for the month, and down -16% over the past year. The region’s median price of $760,000 was flat for the month, and up 13% over 12 months.

Here’s what my trusty spreadsheet found in DQNews’ report on closed transactions in Los Angeles County in May …

Sales

The tally: 6,550 Los Angeles County residences sold. This was the fifth-slowest May of the 35 since 1988.

One-month change: 6% decrease from April. Since 1988, sales have fallen in this 30-day period 21% of the time with an average 6% increase from April.

12-month change: 16.1% decrease — No. 60 biggest decline since 1988 (or it’s been worse only 15% of the time.)

Prices

The median: $860,000 countywide for all homes — down 0.6% in a month and up 11% in a year. Record L.A. high? $865,000 set in April.

One-month trend: 0.6% decrease. Since 1988, a typical May had prices dip 63% of the time with with an average 1.1% gain.

One-year trend: Latest gain tops 71% of all 12-month periods since 1988.

Pandemic era? 14 price records have been broken since February 2020. The median’s $240,000 increase equals a gain of $12.14 every hour over these 27 months.

Key slices

Existing single-family houses: 4,445 sold, down 16% in a year. Median of $930,000 was up 9% over 12 months.

Existing condos: 1,821 sales, down 15% over 12 months. Median of $720,000 was up 15% in a year.

Newly built: Builders sold 284 new homes, down 29% in a year. Median of $825,000 was up 14% over 12 months.

Builder share: 4.3% of sales vs. 5.1% …read more

Source:: Los Angeles Daily News

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