LA County: Prices Up, Sales Down
Los Angeles County is seeing its average home price increase, but home sales decrease. According to information from the California Realtors Association (CAR), the median home price showed an annual gain of more than 5% in April. The county’s median price for April was $596,310. Home sales were down 18.8% from a year ago. Reasons for the drop included a tightening of credit standards and growing concerns about the impact of subprime loans on the market.
California has seen inventory levels across the state rise to their highest levels in recent years. The statewide unsold inventory index for existing, single-family detached homes in April was 10 months, compared with 5.7 months for the same period a year ago, according to CAR.