LOS ANGELES (CNS) — Rising mortgage rates and a continued shortage of homes for sale hampered Los Angeles- and Orange County-area home sales for the third straight month in August, while the statewide median home price registered its biggest year-over-year gain in 14 months, the California Association of Realtors reported Monday.

What You Need To Know

  • For the third straight month, rising mortgage rates and low supply hampered home sales in Los Angeles and Orange County, the California Association of Realtors reported

  • The median sale price of a single-family home in Los Angeles metro is $792,500 and in Orange County, $1.3 million

  • August's statewide median home price was $859,800, up 3.3 percent from July 

In the Los Angeles metro area, the median sale price of a single- family home was $792,500 last month, up from $790,000 in July, and up from $765,000 in August 2022, according to the association.

Los Angeles County saw single-family home prices of $882,020 in August, a rise from $851,540 the previous month, and up from the $854,960 median sale price reported one year ago, CAR determined.

Orange County's $1.31 million median sale price for a single-family home last month showed a slight rise from $1.3 million in July. In August 2022, similar houses sold for $1.2 million, the association reported.

In August, the Los Angeles metro area's ratio of new houses for sale to new houses sold was 2.4, a drop from 2.7 in July. The ratio in August 2022 was 3.1, according to CAR's survey. Time on the market last month was 20 days.

For Los Angeles County, the ratio was 2.4 last month, 2.5 the previous month, and 3.1 in August 2022, CAR determined. Homes were on sale for 18 days in August before being sold.

In August, Orange County saw a ratio of 2.0, compared to 2.3 the previous month, and 2.5 in August 2022, the association reported. Homes were on the market last month for 18 days.

August's statewide median home price was $859,800, up 3.3 percent from July and up 3.0 percent from August 2022, the report found.

Year-to-date statewide home sales were down 29.2 percent in August, CAR determined.

"Despite persistently high mortgage rates and availability of homes remaining extremely tight, there's still solid interest from prospective buyers," CAR President Jennifer Branchini said in a statement.

"The highly competitive housing market continued to provide support to home prices, with the statewide median price steadily improving since early 2023. As California housing prices continue to stabilize, buyers and sellers on the sidelines will get back into the market once interest rates begin to moderate in the fourth quarter."