L.A. County Home Prices Down in July

Los Angeles County home prices dipped for the first time this year as more entry-level home buyers entered the housing market last month, according to a real estate information service. The median price of new and resale homes and condominiums in Los Angeles County decreased to $191,000 in July from $199,000 in June. The median price--the amount at which half the homes sold for more and half sold for less--was tugged downward last month due to an influx in entry-level buyers who purchased inexpensive homes, according to John Karevoll, an analyst for Acxiom/Dataquick. July’s median home price in Los Angeles County remained flat compared with year-over-year data, however. Buyers, meanwhile, snapped up a total of 10,945 homes in July, up 3% over the previous month but down 2.2% from the 11,196 homes sold in July 1998. “The year-ago numbers were the strongest of the decade, and last month’s numbers are the second-highest of the decade,” Karevoll said.