LA home prices spike, while number of sales dip

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home for sale LA home prices spike, while number of sales dip

(AP Photo)

(CNS) – Home prices in Los Angeles County jumped by 5.1 percent in April compared to the previous month, but the number of sales dipped slightly, the California Association of Realtors announced today, noting that statewide home sales reached their highest level in more than two years.

In Los Angeles County, the median price of a single-family home was $286,800 in April, up from $272,920 in March. Last month’s median price was down 1.3 percent from April 2011, when the median was $290,600, according to CAR.

Home sales dipped in the county by 2.9 percent between March and April, and the April sales number was 0.6 percent lower than April 2011.

In Orange County, the median home price was $513,950 in April, up 5.9 percent from $485,300 in March but down 3.1 percent from $530,140 in April of last year, according to CAR. The number of homes sold in April was 1.4 percent higher than March, and 19.2 percent higher than April 2011.

Statewide, the median price of a California home rose above $300,000 for the first time since December 2010, reaching $308,050, according to CAR. That was up 5.7 percent from $291,330 in March and 4.7 percent higher than the April 2011 price of $294,140. Home sales jumped by 10 percent between March and April, and 11 percent between April 2011 and last month.

“A brighter economic picture, coupled with record-high housing affordability, pushed the spring home-buying season off to a strong start,” said CAR President LeFrancis Arnold. “With a continuing improving economy and interest rates declining to new record lows in recent weeks, we should see a steady improvement in the housing market through the end of the year.”

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