La Canada home sales for August 2019:
Last month there were twenty-eight La Canada home sales, same as last month.
The least expensive sale was $600,000 for a two bedroom, one bath, 822 square foot home at 1729 Verdugo Blvd. This home was originally listed for $750,000 and sold $150,000 under asking price. The most expensive La Canada home sold was for $4,625,000 for a six bedroom, nine bath, 6,405 square foot home at 1719 La Taza Dr. Nine La Canada sellers reduced their asking price (list price) prior to selling. Ten homes sold over their original list price. One sold at the original asking price. Seventeen homes sold for less than the asking price.
The absorption rate decreased again. La Canada home sales are school driven and July and August sales reflect a mad rush to get settled before school began.
After compiling MLS data each month, Harb and Co. calculate both the median and average selling prices. The median price reflects that half the homes sold for more and half sold for less. The median is more indicative of market conditions than the average selling price. Average selling prices can easily be influenced by a relatively small share of upper or lower end transactions.
From Core Logic’s blog: “Although the rise in home prices has slowed over the past several months, we see a reacceleration over the next year to just over 5% on an annualized basis. Lower rates are certainly making it more affordable to buy homes and millennial buyers are entering the market with increasing force. These positive demand drivers, which are occurring against a backdrop of persistent shortages in housing stock, are the major drivers for higher home prices, which will likely continue to rise for the foreseeable future.”
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