The number of home sales in Los Angeles County dropped in December compared to the previous year, but sales overall have stabilized, according to the California Association of Realtors, the Pasadena Star-News reports.
Home sales dropped 14.5 percent in December 2006 compared to December 2005 in Los Angeles County, according to figures released Thursday.
The median home price in Los Angeles County rose to $584,600 in December from $552,760 a year ago.
But the market statewide has stabilized, said CAR deputy chief economist Robert Kleinhenz.
California’s unsold inventory index was 6.8 months in December 2006, compared to 3.5 months in December 2005. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Inventory levels have been in the seven-month range since July, and home sales have hovered near 450,000 units for the past six months, Kleinhenz said.
