LOS ANGELES – Prices of homes in Southern California edged up in April for the second straight month, but still remained below the prices of a year ago, the California Association of Realtors reported Thursday.
In the Los Angeles metro area, the median sale price of a single- family home was $740,000 last month, up from $735,000 in March, but down from $800,000 in April 2022, according to the association.
Los Angeles County saw single-family home prices of $738,520 in April, a rise from $718,370 the previous month, but a drop from the $801,680 median sale price reported one year ago, CAR determined.
Orange County’s $1.22 million median sale price for a single-family home last month showed a drop from $1.25 million in March. However, in April 2022, similar houses sold for $1.32 million, the association reported.
In April, the Los Angeles metro area’s ratio of new houses for sale to new houses sold was 2.6, a rise from 2.3 in March. The ratio in April 2022 was 1.9, according to CAR’s survey. Time on the market last month was 25 days.
For Los Angeles County, the ratio was 2.6 last month, 2.2 the previous month, and 1.9 in April 2022, CAR determined. Homes were on sale for 22 days in April before being sold.
In April, Orange County saw a ratio of 2.3, with 2.0 the previous month, and 1.7 in April 2022, the association reported. Homes were on the market last month for 22 days.
Statewide, April’s sales pace was down 4.7% on a monthly basis from 281,050 in March and down 36.1% from a year ago, when a revised 418,970 homes were sold on an annualized basis, the report stated.
Sales of existing single-family homes in California remained below the 300,000-unit pace for the seventh consecutive month in April.
“While home sales declined in April, the market is getting more competitive as we’re seeing time on the market before selling down to 20 days in April from 33 days in January and the share of homes sold above asking price double from one in five at the beginning of the year to more than two in five in April,” said CAR President Jennifer Branchini.
“This increase in market competition continued to provide support to the statewide median home price in April, which climbed above $800,000 for the first time in six months.”