Low mortgage rates and a lack of home inventory caused Los Angeles home sales and prices to rise in July. Even with high unemployment numbers, the market is saturated with home buyers looking to purchase homes in Southern California with a limited amount of homes for sale.
In Los Angeles County, home sales rose 34.6% from June.
In Los Angeles County, sales rose 34.6% from June, with sales of new and previously owned houses, townhouses and condos rose 27.7% and managed an increase of 2.5% from the pre-pandemic days of July 2019, according to data released Thursday by DQNews. (Source: Los Angeles Times)
Interest rates have stayed close to 3.0% with Bankrate reporting today that the average rate for the benchmark 30-year fixed mortgage is 3.02 percent, down 12 basis points from a week ago.