The median price of a Los Angeles County home rose by 3% in April, compared to the same month a year ago, helping Southern California rebound from its first sales-price dip in seven years, according to figures released Wednesday.
According to the CoreLogic real estate information service, the median price of a Los Angeles County home was $607,750 in April, up from $590,000 in April 2018. A total of 6,438 homes were sold in the county, down 0.9% from 6,494 during the same month a year ago.
In Orange County, the median price was $735,000 in April, up 2.8% from $715,000 in April 2018. The number of homes sold dropped by 8%, from 3,226 in April 2018 to 2,967 last month.
A total of 20,074 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic. That was up 11.6% from 17,985 in March, and down 3.3% from 20,766 in April 2018.
The median price of a Southern California home was $527,500 in April, up 2.4% from $515,000 in March and up 1.4% from $520,000 in April 2018.
The increase in Southern California median prices was a reversal from last month, when the region saw its first year-over-year price dip in seven years, albeit a meager 0.1%.
"The slowdown in price growth and sales over the past year suggests that despite a healthy economy, the cost of homeownership has outpaced incomes for many," Andrew LePage, research analyst with CoreLogic. "Most buyers don't have the option of turning to the sort of high-risk mortgages many used to stretch beyond their financial means during the last housing boom, keeping upward pressure on prices."