05/25/2020

Amid Housing Slowdown, Southern California Prices Rise Slightly In April

The sluggish Southern California housing market showed signs of perking up in April, as prices ticked up one month after they fell for the first time since 2012.

In a report released Wednesday, real estate firm CoreLogic said the six-county median sales price climbed 1.4% from a year earlier to $527,500. Sales, meanwhile, were up nearly 12% from March — far more than the average 2.2% month-to-month increase seen in April as the home-selling season heats up.

CoreLogic analyst Andrew LePage said the slight annual rise in the median price and the double-digit jump in sales indicate a sustained drop in mortgage rates has brought some buyers back into the market.

However, the annual gain in prices was far smaller than in recent years and the median — the point where half the homes sold for more and half for less — remains $7,500 below the all-time high reached in June.

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