Purchases totaled 7,458 in May in the two counties, that’s up 17% for the month but down 24% for the year.
Homebuying in Los Angeles and Orange counties fell 24% in a year as pricey house payments scared away potential buyers.
as lofty mortgage rates cut buying power by 12% in a year. Economic skittishness also dampened house-hunting enthusiasm.as the median sales price decreased 3.8% to $715,000.Los Angeles County had 5,154 closings, up 18% in a month and 24% lower in a year. Orange County had 2,304 sales – up 16% in a month and 22% lower in a year.Next, consider how prices moved.
Orange County’s $1 million median was up 1.2% in a month but 4.8% off the $1.05 million peak of May 2022.Pricier financing is a factor in the slump: The 30-year mortgage averaged 6.43% in May vs. 5.23% 12 months earlier.
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