L.A. County Home Prices Cool Off, Slightly, in July -(down 2% from June)

[papau]

http://www.latimes.com/business/la-fi-homes18aug18.story
L.A. County Home Prices Cool Off, Slightly, in July
Sales volume remains high, but more properties are on the market. The median price is up 23.8% from July '03 but down nearly 2% from June.
By Annette Haddad
Times Staff Writer

August 18, 2004

Last month, for the first time in seven months, the pace of home-price appreciation in Los Angeles County finally slowed down.

The median price clocked in at $406,000, only a 23.8% increase from July 2003.

Only?

Well, it was the most sluggish rate of increase since December, when the median — the point at which half of houses in the county sold for more, half for less — was 23.7% higher than a year earlier. What's more, the median was down nearly 2% in July from June, when it hit a record $414,000.

And to some, even the tiniest dip in a housing heat wave statistic spelled relief.<snip>

[readmylips]

1. In LA anything is a home....

414K is the price of an old delapated WWII track home. My nephew sold his tiny house for 500K, making a 350K profit. He moved to Arizona, paid cash for his beautiful 5 bedroom house (worth over 1M in California), and still has money left over to invest for his twin girl's future. His Cali home was bought by a Kawait investor.

[papau]

2. A tale I hope to be able to relate in a few years when I retire!

:-)

3. See my website

Did you know CA had negative job growth last month...!