The median price of an existing home in L.A. County rose 23.9 percent to $564,340 in August from $455,590 one year earlier, according to the California Association of Realtors. The August median was 3.8 percent higher than the $543,890 price for a single-family home in July.
The report correlates others that show the national housing market barreling ahead, despite warnings that it may be overheated. Statewide, the median price of a single-family home rose 20.1 percent to $568,890 in August from $473,520 one year earlier. The statewide median for condominiums hit $433,040, up 16.8 percent from $370,700 one year earlier.
Sales volume rose 7 percent statewide, making it the second-strongest August in terms of activity, said CAR President Jim Hamilton in a statement. He attributed the activity to buyers moving into the market more quickly, motivated by the prospect of higher interest rates.
"Los Angeles County is on track to break the previous sales record set in 2003," said CAR Vice President and Chief Economist Leslie Appleton Young in the statement. In addition, she said Orange County saw a double-digit year-to-year increase in prices.
Orange County resale home prices rose 10.3 percent to a median of $716,300 in August, from $649,590 one year earlier.
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