Home prices and sales increased last month in Southern California and across the state, with median house prices hitting their highest levels since the summer of 2007, the California Association of Realtors reported Thursday, May 17.
The median price of an existing Southern California house — or price at the midpoint of all sales — was $515,000 for a second straight month in April. That’s the highest median for the region in more than a decade.
The Southern California house price rose $35,000, or 7.3 percent, since April 2017.
Statewide, the median sale price was $584,000, also a post-recession high and up 8.6 percent year over year.
House sales were up slightly from year-ago levels, rising 1.6 percent in Southern California and 2.2 percent in the state as a whole.
Prices and sales also were up in each county in the region:
- Orange County’s median was the highest in the region: $818,000. That’s up $43,000, or 5.5 percent, from the year before and was the second-highest median house price on record. The all-time high was $824,000 reached in March. Orange County house sales rose 1.1 percent year over year.
- Los Angeles County’s April median of $528,550 was up $48,320, or 10.1 percent, year over year, but was down from L.A. County’s all-time high of $606,110 reached in September.
- Riverside County’s median of $400,000 was affordable compared to L.A. and Orange counties, but still was up 5.5 percent to the highest amount in 10 1/2 years. Sales there rose 1.8 percent.
- San Bernardino’s median of $289,900 was the highest for the county since November 2007. Sales there jumped 9.8 percent from April 2017 levels.
All four counties had between three to four months supply of homes for sale in April, little changed from a year ago, CAR data show.
A six months supply had been considered normal prior to the housing crash of 2007-08.
“With a continued imbalance of supply and demand, we’ll likely break previous price records – which many areas have already done – before the summer is over,” CAR Chief Economist Leslie Appleton-Young said in a statement.
The San Francisco Bay Area, dubbed the epicenter of California’s housing crisis, continued to see eye-popping house prices. The median house price there was $1.01 million, up 14.1 percent year over year.
That seven-figure median didn’t deter sales either. Bay Area transactions increased 6.1 percent from April 2017.
The CAR report is the first of four key housing indicators for April.