As housing market factors continue to improve nationwide, prospective buyers have been scooping up real estate in Los Angeles county and the surrounding areas, pushing home sales in August up significantly.
A new report from DataQuick shows sales in August reached 41,280 in August, up 4.5 percent from July when 39,507 homes and condos were purchased. Sales are also up 9.4 percent from August last year, when 37,734 properties were sold.
Additionally, the median price paid for homes in California was $281,000, matching levels reached in July but up 12.9 percent from $249,000 in August 2011. The data firm notes the median posted in both July and August was the highest price since September 2008, while it also marked the sixth month of consecutive increases.
Recent drops in mortgage rates, following a month of higher rates, may be responsible for higher sales. Freddie Mac’s Primary Mortgage Market Survey for the week ending September 13 revealed the average rate for 30-year fixed-rate mortgages fell to 3.55 percent, near its record low reached earlier this year.