Closed purchases ran 46% below the average July sales pace since 1988.
Soaring mortgage rates and stubbornly high prices pushed homebuying in Los Angeles and Orange counties to the slowest-selling July on record.
Affordability was also hurt by pricing. The six-county region’s median sales price increased 2.5% to $743,000 – 1% off the $750,000 record set in April 2022.LA had 4,418 closings, down 16% in a month and 21% lower in a year. OC had 2,078 sales, down 10% in a month and 9% lower in a year.LA’s $830,000 median was flat for the month and 1% lower in a year. That’s also 3% off the $860,000 record set in April 2022.
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