Friday October 20th 2017

California Home Prices Fall Six Percent

LA PALMA Calif. (FNP) – California home prices fell six percent over the last year, according to a popular real estate reporting site. Cypress home prices fell 4.4 percent and La Palma home prices fell 1.9 percent over the same period.

There were 11 homes sold in December and there are currently 76 homes for sale in La Palma. Last month Data Quick said that February home sales in Southern California were the best in five years.

While sales increased in Orange County, prices dropped 5.2 percent year-on-year. The DataQuick report stated that the average home price in February 2012 was $388,000, down from $410,000 in February 2011.

Zillow estimates the average home price in Orange County to be $463,400, down seven percent year-on-year.

Zillow says that the median sale price for a home in La Palma was $495,000, while the median list price was just $479,000. Condos make up only four percent of the sales.

The average price for a home in Cypress is $432,400, according to Zillow.

Location M-o-M Q-o-Q Y-o-Y Feb-12
Orange County -0.5% -1.0% -7.0% $463,400
Cypress -0.3% 0.2% -4.4% $432,400
La Palma 0.2% 1.3% -1.9% $504,000
Source: Zillow

Sales Volume Median Price
All homes 11-Feb 12-Feb % Chng 11-Feb 12-Feb % Chng
Los Angeles 4,736 5,261 +11.10% $315,000 $299,000 -5.10%
Orange 1,903 1,904 +0.10% $410,000 $388,500 -5.20%
Source: DataQuick

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