According to the California Association of REALTORS ® (CAR) in a recent article by the National Mortgage News, Southern California home prices increased in April 2019. Take a look:
- Riverside County – median resale price increased +5.8% to $423,000 from $400,000 in April 2018.
- San Bernardino County – median resale price increased +5.2% to $305,000 from $289,900 in April 2018.
- Orange County – median resale price increased slightly by +0.9% to $825,000 from $818,000 in April 2018.
- Los Angeles County – median resale price increased +3% to $544,170 from $528,550 in April 2018.
- San Diego County – median resale price increased +2.2% to $649,000 from $635,000 in April 2018.
This sharp price rebound and the simultaneous acceleration of sales volume declines were not expected. “While we started off the spring home buying season on a down note, home sales in the upcoming months (based on these sales increases) may fare better than the top-level numbers suggest,” said Leslie Appleton-Young, CAR’s senior vice president and chief economist.
Accounting for some two-thirds of all home sales in Southern California, re-sale volume dropped on a year-to-year basis in Los Angeles (-0.1%), Riverside (-6.5%), and San Bernardino(-7.7%). Resale volume in San Diego County increased at +2.4% and slightly in Orange County by +0.5%. Appleton-Young said, “The y/y sales decrease was the smallest in nine months and pending home sales increased for the second straight month after declining for more than two years.”
CAR president Jared Martin said, “Weak buyer demand (despite lower interest rates), largely prompted by elevated home prices, is playing a role in the softening housing market. However, with low interest rates, cooling competition and an increase in homes to choose from, buyers can take advantage of a more balanced housing market.”
Can you hear a faint sigh of relief?
