Home Sales Dip While Prices Are Generally Up in Region
Southland home sales dipped again in April as supply remained tight and potential move-up buyers put purchase plans on hold.
Price increases are now spreading into entry-level markets, a real estate information service reported.
A total of 24,120 new and resale houses and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month.
That was down 7.3% from 26,010 for March, and down 3.1% from 24,904 for April last year, according to DataQuick Information Systems.
Last month’s median sales price was $224,000. That was down 1.7% from $228,000 in March, but up 11.4% from $201,000 for April a year ago. The medians in both San Diego and Riverside counties reached new peaks. Condos and other entry-level homes are now going up in value at rates equal to or exceeding the move-up and prestige markets.
Homeowners are replacing old mortgages with cheaper ones at about four times last year’s pace, DataQuick reported.
The typical mortgage payment that Southland buyers committed themselves to paying was $1,164 in April.
A year ago it was $1,153 when interest rates were higher. The all-time peak was April 1989 at $1,360, DataQuick reported.
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