Home prices in Los Angeles County fell from their year-ago levels in 65 of 92 markets in August as sales continued their steep decline, a trade association said Tuesday, the Los Angeles Daily News reports.
However, increases were strong enough to push the countywide median home price up an annual 2.6 percent to $605,300, said the Los Angeles-based California Association of Realtors.
“Basically you have a housing market that is somewhat seized up from the flood of bad news that keeps coming out,” said Jack Kyser, vice president and chief economist at the Los Angeles County Economic Development Department.
Castaic recorded the county’s biggest decline, by 23 percent, to $465,500, and West Hollywood had the biggest increase, 35.8 percent to $930,000, according to a report prepared for CAR by DataQuick Information Systems. Individual market numbers include new and previously owned houses and condos. Countywide and statewide numbers are not as inclusive, the association said.
“Price softness is even more pronounced when we look at different segments of the market,” said association president Colleen Badagliacco.
