California Home Sales and Median Prices in April

The California Association of Realtors released their report on California existing home sales and median prices in April. The statewide median price rose over the 12 months ending in April by 7.4% to $481,760. Compared with March, the median price was up by 2.8%. The April median price was the highest recorded since November 2007.

Statewide, the number of single-family homes that closed escrow in April increased by 9.3% over the year to 427,620 units (seasonally adjusted, annualized rate) and rose by 9.2% compared with March. This was the third consecutive month to post a year-over-year increase in sales and was the first time home sales in California rose above the 400,000 mark since October 2013. It appears that at least some of the pent-up demand for housing is finally starting to turn into actual sales.

While the upswing in sales has been a long time coming, the lack of supply is still a concern. Across California, there was a 3.5-month supply of homes for sale in April versus 3.8 months in March and 3.6 months a year ago. In the Los Angeles metro area, the supply of homes for sale fell to 3.8 in April, down from 4.3 in March and in the Inland Empire, the supply was 4.4 months compared with 4.9. The low inventory of homes for sale in California relative to demand continues to push home prices higher.

Mortgage interest rates fell in April after increasing over the previous two months. The average 30-year fixed rate was 3.67%, down from 3.77% in March and down from 4.34% a year ago.

Below is a year-over-year summary of sales and price activity in Southern California by county. Although the statewide sales figures are seasonally adjusted, regional and county figures are not.

• Los Angeles County:  unit sales increased by 3.2% over the year in April, while the median price rose by 4.9% to $426,580.
• Orange County:  sales shot up by 19.9% last month but the median price rose by just 3.7% to $705,190.
• Riverside County:  sales of existing homes rose by 10.3% and the median price increased by 7.9% to $333,520.
• San Bernardino County:  sales increased by 10.6% in April with the median price rising by 9.9% to $219,150.
• San Diego County:  unit sales were up by 9.3% and the median price rose by 7.9% to $530,810.
• Ventura County:  Sales jumped by 19.7% over the year while the median price moved up by 4.0% to $598,500.

Source: http://www.car.org/newsstand/newsreleases/2015releases/april2015pending?view=Standard