While the summer doldrums may be common in Wall Street, summer is traditionally the busiest period in real estate.

Not in Los Angeles County. Not this summer.

Although home sales in June rose since May (when adjusted for the number of sales days each month) they were down 15 percent compared with June of last year, according to HomeData of Hicksville, N.Y.

The best news was that the median home price remained steady at $340,000 for the third straight month.

Condo sales were a bit better, but prices were down 4 percent since May to $285,000.

Leslie Appleton-Young, chief economist at the California Association of Realtors, said the weak market can once again be attributed to the withdrawal of government incentives.

“A year ago, we had state tax credits for homebuyers, so I am not surprised that compared to last year, the numbers are down,” she said. “We aren’t seeing any sustained upward pressure on prices, as a whole.”

However, certain niches are doing very well, she noted, including both the very low and very high end of the market.

“While most sellers may be nostalgic for past prices, properties in heavily distressed communities may have multiple offers,” she said. “(And) I have heard brokers say that everything in Beverly Hills above $7 million is on fire right now.”

In agreement was Stan Smith, manager of the John Aaroe Group’s Beverly Hills branch, which specializes in luxury homes.

“There have already been 100 sales over $5 million in the Westside since January,” he said. “It’s the biggest start we’ve seen since 2007, which was our last top year.”

Media reports have attributed many luxury sales to foreign buyers, especially Russian, but Smith estimated that almost three-quarters of such sales were to Americans.

“In the aftermath of the housing crisis, it wasn’t politically correct to show off wealth, so rich people sat on their assets,” he said. “Now that the economy has turned around, it has become more acceptable to buy expensive homes. CEOs and business people are still making a lot of money.”

– Deniz KorayWhile the summer doldrums may be common in Wall Street, summer is traditionally the busiest period in real estate.

Not in Los Angeles County. Not this summer.

Although home sales in June rose since May (when adjusted for the number of sales days each month) they were down 15 percent compared with June of last year, according to HomeData of Hicksville, N.Y.

The best news was that the median home price remained steady at $340,000 for the third straight month.

Condo sales were a bit better, but prices were down 4 percent since May to $285,000.

Leslie Appleton-Young, chief economist at the California Association of Realtors, said the weak market can once again be attributed to the withdrawal of government incentives.

“A year ago, we had state tax credits for homebuyers, so I am not surprised that compared to last year, the numbers are down,” she said. “We aren’t seeing any sustained upward pressure on prices, as a whole.”

However, certain niches are doing very well, she noted, including both the very low and very high end of the market.

“While most sellers may be nostalgic for past prices, properties in heavily distressed communities may have multiple offers,” she said. “(And) I have heard brokers say that everything in Beverly Hills above $7 million is on fire right now.”

In agreement was Stan Smith, manager of the John Aaroe Group’s Beverly Hills branch, which specializes in luxury homes.

“There have already been 100 sales over $5 million in the Westside since January,” he said. “It’s the biggest start we’ve seen since 2007, which was our last top year.”

Media reports have attributed many luxury sales to foreign buyers, especially Russian, but Smith estimated that almost three-quarters of such sales were to Americans.

“In the aftermath of the housing crisis, it wasn’t politically correct to show off wealth, so rich people sat on their assets,” he said. “Now that the economy has turned around, it has become more acceptable to buy expensive homes. CEOs and business people are still making a lot of money.”