Home prices are still going up! In LA county the median prices increased 6% when compared to a year ago. The spring buying season is off to a great start!
Southern California home sales jump sharply month-to-month
Southern California home sales followed their usual pattern in March, which means big increases over the previous month and mostly slight increases over the same month last year. (File photo by Keith Birmingham/Pasadena Star-News)Southern California’s spring home buying season got off to a typically strong start across the six-county region in March, with sales surging from the previous month, a market tracker said Monday
Prices also increased from the year-ago level, according to Irvine-based CoreLogic.
Last month, sales on new and previously owned houses and condominiums in the region rose 34.5 percent from February to 20,370 transactions, the company said.
That is close to the average monthly increase of 35 percent between February and March, dating back to 1988, when record keeping began.
“Last month, the housing market experienced a normal, seasonal spike from February in the number of recorded transactions, which reflects more buyers and sellers entering the market as the holidays and winter faded,” said CoreLogic research analyst Andrew LePage.
During March, the region’s median price rose 6 percent from a year ago to $449,000. That price also marks a 4 percent increase from February.
The report also said that:
• In Los Angeles County, sales fell 1 percent from a year ago to 6,610 but increased 33 percent from February. The median price rose 6 percent from a year ago to $506,000, which is also up 4 percent from February.
• In Orange County, sales rose 0.8 percent from a year ago to 3,181, and they soared 37 percent from February. The median price increased 7 percent from a year earlier to $625,000 and gained 2.5 percent from February.
• Orange County’s median price is now just 3 percent under the record high of $645,000 in June of 2007, CoreLogic said. It is the closest of any of the counties to a pre-recession price level.
• In Riverside County, sales increased 5 percent from a year earlier to 3,583 and increased 32 percent from February. The county’s median price rose 8 percent from a year ago to $330,000, up 5 percent from February.
• San Bernardino County’s sales increased 8 percent from a year ago to 2,528 and were up 33.5 percent from February. The median price rose 5 percent from a year earlier to $272,000 and fell 1.1 percent from February.
But LePage warned that scant inventory and decreasing affordability might hold back sales in the coming months.
“Prices have come a long way in the last three years, and credit is still moderately tight,” he said.
The median sales price has risen year-over-year for 48 consecutive months, and the increases have been in the single digits for the last 22 consecutive months, CoreLogic said.
“Over the next few months, we’ll find out whether or not several years of rising home prices will trigger a more significant run-up in inventory than we’ve seen during the spring-summer season over the past couple of years,” LePage said. “In recent months, the new-home market has registered a stronger heartbeat, contributing more to the overall inventory.”