Los Angeles County Median Home Prices Reach New High
Los Angeles media home prices once again set a new record high, according to CoreLogic’s monthly report for July. Back in May, the county hit a then-record $585,000 median sales price, and has increased since. From July 2016 to July 2017, prices went up by 8.9 percent.
The study calculated the median price of 4,694 homes sold in Los Angeles County during the time frame, along with breakdowns for the other counties in Southern California, as well as individual neighborhood and city numbers.
LA’s zip code (90005) between Koreatown and Mid-Wilshire showed the largest year-over-year price increase, with a 325-percent jump — though on just five units sold. Several other neighborhoods managed price increases above 50 percent within the time period as well. Montrose (up 214.5), Santa Monica’s 90403 zip code (190.4), and Inglewood’s 90304 (126.2) were the other largest gainers. Artesia, Malibu, and Pacific Palisades also showed significant increases.
Boyle Heights (LA zip code 90023) showed the biggest year-over-year drop at 45 percent (on three sales).
Condominium sales were also up in Los Angeles, increasing 4.1 percent to a median sale price of $473,000. Just a handful of zip codes saw more than 50 percent growth on more than one unit sold. Palmdale, Pasadena, Pomona, and Temple City saw the largest bumps there.
Los Angeles now has the second-highest median home price across all counties in Southern California. Orange County led with a median home sale price of $750,000, with LA next at $610,000. Ventura County was third at $600,000, followed closely by San Diego at $592,000. Riverside ($375,000) and San Bernardino ($285,000) rounded out the list.