SoCal Home Sales and Median Prices in April

Southern California homes sales increased over the year in April, rising by 8.5% to 21,708 units (new and resale houses and condominiums). This was the second consecutive yearly increase. On a month-to-month basis, home sales in the region were up by 9.9%. The number of homes sold last month was the second highest for the month of April since 2006, just behind April 2013 when 21,795 homes were sold.

The median price across Southern California increased by 6.2% over the year to $429,000 making it the highest median price since it was $435,000 in November 2007. The median price has risen year-over-year every month since April 2012 but is still below peak levels reached prior to the housing crisis. The median price in Orange County climbed to just 7% below the record high reached eight years ago. Los Angeles and San Diego counties are within 12% of peak prices, while in Riverside and San Bernardino, median prices are still about 30% below their high point reached six years ago.

Sales of higher priced homes are still driving market activity. Last month, the number of homes in the six-county region that sold for $500,000 or more accounted for 39.1% of all home sales, up from 35.8% a year ago and was the highest since reaching 40% in November 2007.

Last month was one of the strongest for April since the housing bust, but sales remain below average. The housing market recovery is still unfolding, but progress continues to be impeded by credit and affordability hurdles, tight inventories of existing homes and low levels of new home construction.  

 

Source:  http://www.corelogic.com/solutions/configurable-real-estate-data-reports.aspx/