I was not surprised when the August numbers came out showing that Westside home prices had reached an all-time high for the fifth month in a row. The market on The Westside is hot and doesn’t show any signs of slowing down.
Westside Home Prices August 2017
The median sale price in the county was $580,000. This is an all-time record for Los Angeles County. It is also 9% higher than a year ago.
Even with high Westside home prices, buyers were out in full. In fact, the total of number of homes that sold in the county was 15% more than in July and 4% more than August of 2016.
What’s Driving the Market?
The upper-end homes on The Westside and throughout the county are driving the numbers up. The truth is that homes below $500,000 actually fell in number of sales while homes above $500,000 rose in sales by 15%.
However, even though sales numbers dropped for the more economical homes does not mean that interest isn’t there. I’ve noted that there are fewer lower price range homes on the market, but those that are for sale, sell quickly.
The rest of Southern California has actually seen a median sales price drop just a bit in August. This is what I would have expected on The Westside simply due to the end of the summer market. However, with interest rates remaining low, it is possible to see the streak of increased Westside home prices go on another month or two. I’m looking forward to the September numbers to see what happens.