[BIASC] – While the number of new homes that closed escrow in October in Los Angeles County rebounded slightly from September, the median price was the lowest recorded in the past two years, the local chapter of the Building Industry Association of Southern California reported Tuesday.
A total of 244 new homes closed escrow during the month in L.A. County, according to sales totals compiled for the BIA by Hanley-Wood Market Intelligence. Costa Mesa-based HWMI tracks closings in new-home communities of 10 units or more.
October’s total was up from the revised figure of 228 the previous month down from 263 reported in October 2010. Once again, the most sales took place in West Los Angeles (72), followed by the South Bay (48).
However, the countywide median price dropped by 4.8 percent from the previous month to $359,500, which was down 20.4 percent from the same month a year ago. The previous monthly low was the revised $360,300 recorded in August. The median has been below $400,000 for four straight months, the only times in the past two years that they have been below that mark.
The average price per square foot in L.A. County held relatively steady, falling to $276 – down about 5 percent from the previous month and October 2010.
Ventura County reported just 14 closings in October. The median price, however, soared by 26 percent from the previous month to an even $400,000. That figure was also up 14 percent from the previous year. The size of the homes sold was significantly larger than the previous reporting periods, and the average price per square foot rose slightly from September but fell 28 percent from 2010.
Holly Schroeder, CEO of the Los Angeles/Ventura Chapter, said that coupled with historically low mortgage interest rates, today really is a good time to buy a new home in the region.
“Today’s new homes are designed for today’s lifestyles and are far more energy efficient than homes built just a few years ago. Families looking for the latest in trends and technological advances should visit new-home communities and see what builders have to offer,” she said.
BIASC is a nonprofit trade association representing some 1,000 member companies in the housing industry, construction trades, and affiliated businesses throughout Southern California. The Chapter, one of four that make up BIASC, serves homebuilders in Los Angeles, Ventura and southeastern Kern counties. Learn more at www.bialav.org.
Hanley Wood Market Intelligence (HWMI) is the housing industry’s leading provider of rich data and analytical services on residential real estate development and new-home construction and a business unit of Hanley Wood, LLC, the premier media company serving housing and construction. More information is available on the company’s website, www.hanleywood.com/hwmi, or by calling 1-800-639-3777.
HWMI tracks home closing information by builder on a monthly basis for the state of California and across the country. HWMI closings represent completed transactions during the period indicated. Median and average prices are based upon the final closing price of the transaction as recorded with the associated municipality. Through its data platform, Housing IntelligencePro, HWMI provides the most comprehensive housing data resource available.