Southern California home sales and prices perked up in July

In a reprieve for Southern California’s sluggish housing market, home sales rose in July from a year earlier. It was the first sales increase in 12 months.

“The flattening of price growth and lower mortgage rates can make a meaningful difference for some,” said CoreLogic analyst Andrew LePage.When tracked across the six-county region, price gains were modest compared with years earlier, when homes flew off the market after aggressive bidding wars and the median consistently rose by mid- to high single digits, or more.

When broken down by county, the market was mixed in July. In Los Angeles County, the median price posted the largest gain since November, while in pricier Orange County the median still fell compared with a year earlier:In Orange County, the median fell 0.8% to $729,000, and sales dropped 1.7%.In San Bernardino County, the median rose 4.6% to $340,000, and sales climbed 3.3%.In San Diego County, the median was flat at $580,000, and sales climbed 10.1%.

Yes, because owning a house is now cheaper than renting in LA 🙄

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