Southern California sees first drop in housing prices in 7 years

LOS ANGELES (CNS) — The median price of a Los Angeles County home rose by 2.1 percent in March, compared to the same month a year ago, despite median prices across Southern California dropping for the first time in seven years, according to figures released Friday.

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According to the CoreLogic real estate information service, the median price of a Los Angeles County home was $597,500 in March, up from $585,000 in March 2018. A total of 5,749 homes were sold in the county, down from 6,801 during the same month a year ago.

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In Orange County, the median price was $720,000 in March, down 0.7 percent from $725,000 in March 2018. The number of homes sold went from 3,278 in March 2018 to 3,347 last month.