Home for sale

A for-sale home in the 3200 block of Hacienda Drive in Duarte is shown here. Southern California home sales hit a three-year low for the month of July, hampered by rising prices, a limited supply of homes and a decrease in investor activity. (Photo by Watchara Phomicinda/ San Gabriel Valley Tribune)

By Kevin Smith, San Gabriel Valley Tribune
Posted: 08/14/14, 8:18 PM PDT |

Southern California home sales hit a three-year low for the month of July and the region’s median home price dipped to $413,000, industry tracker CoreLogic DataQuick reported Wednesday.

Hampered by rising prices, a limited inventory and a decrease in investor activity, sales of new and existing homes and condos in Los Angeles, San Bernardino, Riverside, Ventura, Orange and San Diego counties totaled 20,369 last month.

That was down 1.4 percent from June and down 12.4 percent from the 23,253 homes sold a year earlier.

The region’s median home price dipped 0.5 percent in July to $413,000, although it was up 7.3 percent from the year-ago price of $385,000.

The June 2014 median price of $415,000 for the six-county region was the highest since January 2008 when it also stood at $415,000.

CoreLogic DataQuick analyst Andrew LePage said Southland home prices have gained significant ground.

“Prices came a long way in a couple of years, and now a lot of would-be buyers just can’t stretch their finances enough to buy in today’s more conservative lending environment,” LePage said. “That’s not the only reason price appreciation is easing, but it’s one of the main ones. July was the first month in two years in which all but one of the six Southland counties posted a single-digit year-over-year increase in its median sale price. The more spectacular annual price gains of a year ago — over 20 percent — seem far back in the rear view mirror now.”

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