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Southland Homes Sales Rebound as Prices Continue to Rise

Published on Saturday, May 18, 2024 | 4:36 am
 

Home sales in Southern California and across the state rebounded last month, while the statewide median home price exceeded $900,000 for the first time ever, according to figures released Friday by the California Association of Realtors.

Unadjusted raw sales increased on a year-over-year basis, with the Central Coast rising the most from a year ago, and Southern California showing sales gains of 8.7% from April 2023.

Statewide, the median price recorded a new all-time high in April, jumping 11.4% from $811,510 in April 2023 to $904,210 in April 2024, exceeding the $900,000-benchmark for the first time in history, CAR determined.

California’s median home price was 5.8% higher than March’s $854,490. The year-over-year gain was the 10th straight month of annual price increases for the Golden State. Seasonal factors and tight housing supply conditions will continue to put upward pressure on home prices in the coming months, according to the association.

“April’s rebound in both home sales and price shows the resilience of California’s housing market and is a signal that buyers and sellers are beginning to adjust to the higher interest rate environment,” CAR President Melanie Barker said. “Market fundamentals are showing signs of improvement, and competition is on the rise again; homes are selling faster and nearly half the share of homes is selling above asking price — the highest in nine months.”

All major regions in the state registered an annual increase in their median price from a year ago, according to CAR. The median price of an existing single-family home in Southern California jumped 12.1% year-over-year to $880,000, a 3.5% increase from last month.

The median price in the Los Angeles metro area rose 4.9% from last month to $840,000, a 13.5% increase from last year at this time.

The median price in Los Angeles County increased by 2.6%, from $805,100 in March to $825,970 last month.

Orange County saw its median home price increase 2.9% from March to $1.44 million, 17.6% higher than last year at this time.

The San Francisco Bay Area recorded the biggest price jump on a year- over-year basis, increasing 15.5% from last April. Along with Southern California at 12.1%, they were the only two regions posting a double-digit price gain from a year ago.

In Southern California, the lowest median price was Imperial County’s $377,500, an 8.2% increase from last month.

The statewide median price in April was $904,210, up 5.8% from March and up 11.4% from $811,510 in April 2023.

The median number of days it took to sell a California single-family home was 16 days in April and 20 days in April 2023.

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