Home sales in Los Angeles County jumped by 25.3 percent in May, compared to the same month a year ago, while prices dipped by 1.6 percent, a real estate information service announced today.
A total of 7,496 homes changed hands locally last month, compared to 5,983 in May 2011, according to San Diego-based DataQuick. The median price of a home in Los Angeles County in May was $315,000, down from $320,000 in May 2011.
A total of 22,192 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in May, according to DataQuick. That was up 15.1 percent from 19,284 in April, and up 20.6 percent from 18,394 in May 2011.
The median price for a Southern California home was $295,000 last month, up 1.7 percent from $290,000 in April and up 5.4 percent from $280,000 in May 2011.
"The market is being slowly nursed back to health by low-interest rates, a modestly improved economy and, we suspect, a widening sense that the housing sector is at or near bottom,'' said John Walsh, DataQuick president.
"There's still plenty of uncertainty swirling around out there. But it looks like more move-up buyers are concluding it makes sense in the long run to sell their homes now, even when it's hard to swallow the price.''