Los Angeles County single-home sales continued to rise last month even as fewer owners put their homes on the market, leading prices to inch up.
July home sales shot up 15 percent to 5,688 units sold compared with a year earlier, according to Seattle brokerage Redfin. It marked the sixth consecutive month that home sales rose year over year in the county.
Meanwhile, the number of homes put on the market continued to fall, declining a steep 50 percent to only 10,546 listings. The short supply and increasing demand nudged up median sale prices a modest 1 percent to $345,000.
Homes in L.A.’s Hancock Park were the county’s biggest price gainers. The 13 homes sold in its 90004 ZIP code saw a median price increase of 99 percent to $825,000. Encino’s 91316 ZIP code saw the biggest price decline.
– Jacquelyn Ryan
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