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TRID cause for 38 percent jump in Los Angeles County home sales

Nearly 7,200 single-family homes and condos sold in LA County during December
  • LA County's median home price is roughly nine percent off its peak.
  • Lower priced homes in LA County saw the largest increase in value on a year-over-year basis.
  • New homes sales activity in the county noticeably trails historical averages.

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In December, LA County home sales activity experienced an unusually high 38 percent increase on a monthly basis. According to Andrew LePage, analyst for CoreLogic, this large uptick was the result of newly implemented mortgage rules, TRID, and more buyers and sellers looking to close before year's end for tax purposes. "I don't want to overvalue the TRID impact," he said. "But it did impact things." Within LA County a total of 7,196 homes sold in December, according to a Southern California data brief from CoreLogic. During November, 5,202 houses traded. "It's normal for sales to increase from November to December. I would have been surprised if they hadn't," LePage said, noting that a 10 to 15 percent month-to-month increase is common. The December home sales total includes 5,032 existing single-family, 1,788 existing condo and only 376 new home sales. The volume of new homes sales is nearly 49 percent below the average number of new homes sales in December, 733 sal...