Los Angeles County home sales tumble 35% as SoCal purchases hit record low

News

Los Angeles County homebuying fell by roughly one-third last month as coronavirus created Southern California’s record slow April.

DQNews reports for April in Los Angeles County …

• 4,168 homes sold, existing and new — down 35% in a year. In the past 12 months, 71,831 homes sold — down 1.1% in a year.

• $630,000 countywide median selling price — up 3.8% over 12 months. The latest median is 1.6% off the county’s record high of $640,000 set in March.

Reality is harsh. The battle against the coronavirus hammered the economy. Cheaper mortgages helped house hunters, but many sellers pulled their homes off the market. That resulted in the region’s slowest-selling April in the DQNews history books that date to 1988.

Here are five things you should know about key market niches in the Los Angeles market in April …

1. Existing single-family houses: 2,903 sold, down 36% in a year. Median of $655,000 — a 3.1% rise over 12 months.

2. Existing condos: 1,095 sales, down 35% over 12 months. Median of $540,250 — a 3.9% rise in a year.

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3. Newly built: Builders sold 170 new homes, down 27% in a year. Median of $685,000 — a 2.2% rise over 12 months.

4. Builder share: 4.1% of sales vs. 3.6% a year earlier. Los Angeles County builders’ slice of the market ranks No. 5 among SoCal’s six counties.

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5. Price rank: How Los Angeles County’s median compared to Southern California’s five other counties: No. 2 overall; No. 2 for single-family resales; No. 1 for condo resales; and No. 2 for new homes.

What’s next? When ReportsOnHousing looked at countywide pending sales of existing homes as of May 14 there were 3,532 residences in escrow, down 38% in a year; and 10,112 listings, down 26% in this period.

Around Southern California, according to DQNews’ latest report on closed sales …

Six-county region: 13,826 sold, down 31.5% over 12 months. Median? $547,500 — a 4.3% increase.

Orange County: 1,985 sold, down 34%. Median of $755,000 — a 2.7% increase.

Riverside County: 2,574 sales, down 31%. Median? $412,500 — a 5.8% increase.

San Bernardino County: 2,003 sold, down 21%. Median? $353,000 — a 5.4% increase.

San Diego …read more

Source:: Dailynews – News

      

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