Los Angeles County June Home Prices

Posted at 9:20 AM, Jul. 31, 2006

The June Los Angeles County median home price rose again against a backdrop of declineing sales. In Los Angeles County, the median home price was $575,800 according to the California Association of Realtors.

In June, 37% of homes sold within 30 days. When compared with a year ago this represents a 65% decrease of homes sold in 30 days or less. This is more evidence that the market is slowing. And this is a good. The price appreciation seen in the last 5 years was not sustainable over the long haul.

Even with the median County price increasing, some areas had price declines. Historically, price declines are not the same everywhere and last month was no exception. According to the Los Angeles Business Journal homes sold in the Pasadena 91105 zip code showed a 15.5% decline in price while homes sold in the Pasadena zip code 91106 showed a 25.9% increase in sales price.

The median price of a home in the 91106 area is $995,000 while the median price of a home in the 91105 area is $785,000. Last year, those median figures were $790,000 for the 91106 and $929,000 for the 91105. So what does it mean for home prices to see this kind of year over year volatility?

This post is getting long, so I will end here and address the volatility issue in another post.