Home Prices, Sales Decline In LA County

LOS ANGELES, CA — Home prices declined in Los Angeles and Orange counties last month, while sales also pulled back from June levels, according to figures released Monday by the California Association of Realtors.

In Los Angeles County, the median price of an existing single-family home fell to $888,120 in July, down 2.4% from $910,370 in June and 2.6% from $911,360 in July 2025. Sales declined 8.7% from June and 0.9% from a year earlier.

Orange County's median home price fell to $1.475 million in July, down 1% from $1.490 million in June but 5.4% higher than the $1.4 million median recorded in July 2025. Sales dropped 4.1% from June but edged up 0.6% from a year ago.

The Los Angeles metro area's median price was $849,450 in July, virtually unchanged from $850,000 in June and up 0.5% from $845,500 a year earlier. Sales in the metro area fell 8.8% from June and 0.8% from July 2025.

Statewide, existing single-family home sales fell to a seasonally adjusted annualized rate of 263,170 units in July, down 6% from June but up 1.1% from a year earlier. Sales remained below the 300,000-unit benchmark for the 46th consecutive month.

California's median home price also fell below $900,000 for the first time in four months, declining 1.9% from $904,640 in June to $887,680 in July. The median remained 0.3% higher than a year earlier.

"California's housing market pulled back last month as mortgage rates remained elevated and briefly reached a 12-month high in recent weeks," CAR President Tamara Suminski said in a statement. "Despite a slower start to the second half of 2026, improved supply conditions in July, combined with the recent decline in mortgage rates, could provide some relief to buyers and give them more options to choose from as the market transitions into the off-peak season."

Mortgage rates averaged 6.54% in July, compared with 6.72% in July 2025, according to CAR.

Housing inventory increased statewide from June, with the Unsold Inventory Index rising from 3.1 months to 3.4 months. In Los Angeles County, the index remained at 3.5 months, while Orange County's increased from 2.8 months in June to 3.1 months in July.

The median time to sell a home was 26 days in both Los Angeles and Orange counties in July.

"July's housing market performance reflected the ongoing challenges under the current economic and lending environment, but the market continues to show signs of resilience," CAR Senior Vice President and Chief Economist Jordan Levine said in a statement. "Higher mortgage rates and financial market volatility in the past two months weighed on buyer demand, resulting in softer sales activity and subdued price growth in July."

Southern California's median home price was $899,000 in July, down 0.1% from June but 2.7% higher than a year earlier. Sales across the region fell 8.5% from June and were essentially flat from a year ago, rising 0.1%.

City News Service