LA home sales drop, pulling down median prices, report shows

The metro region reported a 12% decline in March year over year

Apr.April 19, 2019 08:00 AM
Median home prices fall in LA

The housing market in Los Angeles has fallen steadily behind 2018 results, mirroring a nationwide slowdown that has not eased despite lower interest rates.

Sales dropped throughout Southern California, with double-digit declines in the Los Angeles metro and Inland Empire regions, according to a report from the California Association of Realtors.

Meanwhile, in L.A. County, the median home sale price was $525,520 in March, about 3 percent lower than February, and slightly below what it was in March 2018. Statewide, those numbers were a little better. Median home sale price rose 5.9 percent to $565,880 in March, compared to $534,140 in February.

But the number of home sales was far lower last month, compared to the same period a year ago.

The L.A. metro region posted a year-over-year sales drop of 12 percent, with home sales falling in every county. In the Inland Empire, the decline stood at 10.4 percent from a year ago. Riverside and San Bernardino counties posted annual sales declines of 9.3 percent and 12.2 percent respectively.

While the median number of days it took to sell a single-family home in L.A. fell to 25 in March from 35 in February, that was still more than a year ago. In March 2018, the median number of days it took to sell a home was just 17, according to the survey.

Statewide, homes sales were down 8.2 percent in March compared to the same period last year.

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