The shutdown has had an impact on the California economy and the real estate sector well. Southern California home sales fell 26.6% in April compared with a month earlier, while year-over-year sales were down by 31.5%. The median sold price of existing single-family homes in the Los Angeles Metro Area was $550,000, a year-over-year increase of 2.5%, according to the CALIFORNIA ASSOCIATION OF REALTORS.
As compared to March the median sold price decreased by 1.1%. Home sales in the Los Angeles metro housing market decreased by 30.9% as compared to the previous year. As compared to March the home sales decreased by 21.2%. In Los Angeles County, the median sold price of single-family homes rose 3.9% to $565,170, while sales dropped 30.6%.
As compared to March 2o20, the median sold price in Los Angeles County decreased by 0.5%, while sales dropped by 15.5%. In the city of Los Angeles, the median sold price of existing single-family homes rose by 0.5% to $839,000, while sales dropped by 48.1%.
In June, we saw the first rebound in home sales. In Metro Los Angeles, the jump in sales was 48%. The home prices rose $18,000 or 11.6% to a new level of $553,000. All the six counties of southern California saw an increase in sales as compared to May. The no. of existing single-family home sales in Los Angeles County equaled 2880, which is a decline of 19.3% from last year’s June.
Active listings increased dropped by a whopping 44.9% as compared to last year while the median price increased by 1.8% to $610,000. If we talk about the city of Los Angeles, the median price of the existing single-family homes has reached $865,000, an increase of 1% from last year. Home sales dropped by 25.9%.
Sales across the six-county Southern California region jumped 43.5% from May, the largest increase ever from May to June in a data set that dates from 1988. Sales were still at a record low for June and down 15.2% from a year earlier, but deals had declined 45% year over year in May and fell 31.5% in April. The median home price in Los Angeles County has increased by 11.60% as compared to the previous month and home sales have increased by 37.5%.
In August 2020, the six-county region’s median price reached $640,000, up 12.9% from a year earlier. In Los Angeles County, existing single-family home sales dropped by 3.9% from July and fell by 5.2% from August 2019. The median price rose by 7.9% from a year earlier to $677,260. Orange County sales the biggest jump in sales (13.7%) from a year earlier. The median price rose by 14.8% from a year earlier to $930,000.
The Metro Los Angeles housing market posted a year-over-year increase of 4.4% in sales. Compared to July, sales decreased by 1.7%. The median home price of the LA metropolitan region rose to $615,000, up 12.8% from last year. Compared to July, the median price increased by 4.2%. The sales figures are still lagging if we compare them to last year. The rise in home prices and sales have shifted the market conditions to a balanced one. The inventory still remains tight. The Unsold Inventory in Los Angeles Metro Area is 2.3 months.
Existing single-family home sales dropped by 5.2% year over year.
The median price went up by 7.9% to $677,000.
Active properties for sale in the county dropped by 34.3% year over year.
The median days on market were 13.