0 Real Estate Sales are up by 13.5 percent and prices by 4.7 percent while affordability is down to 32 percent, which amounts to the historical “normal.” Paige Austin , Patch Staff Posted Reply The median price of a home in Los Angeles County rose by 4.7 percent in July, compared with the same month a year ago, while the number of homes sold jumped by 13.5 percent, a real estate information service announced today. According to CoreLogic, the median price of a Los Angeles County home was $492,000 last month, up from $470,000 in July 2014. A total of 8,236 homes were sold in the county, up from 7,256 during the same month the previous year. According to the California Association of Realtors, 32 percent of households could afford to purchase a single-family home in the metropolitan Los Angeles region. To afford a house in the Los Angeles area, a household would require a minimum annual income of $87,180 to make monthly payments of $2,180 — including principal, interest, and taxes on a 30-year fixed-rate mortgage at 3.95 percent interest rate. In Orange County, the median price was $615,000 last month, up 4.7 percent from $584,000 in July 2014…. Read full this story
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