Industry NewsMarkets & Economy

Home sales dip in SoCal, but median sale price tops out

More cash and absentee buyers emerge than average
  • Overall home sales in April dropped 3.2 percent year-over-year.
  • Homes valued over $500,000 but below $800,000 saw an increase in percentage of total sold.
  • Cash buyers made up for 21.3 percent of purchases.

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For just the second time in the past 12 months, the year-over-year total sales didn't increase in Southern California. In April, sales of new and resale homes in Ventura, Los Angeles, Riverside, San Diego, San Bernardino and Orange counties dropped 3.2 percent, from 22,020 to 21,312. The last time year-over-year numbers didn't increase was this past November, when sales dipped 0.1 percent. According to Corelogic, the data company that provided the research, April's numbers are approximately 10.5 percent under the month's average; Corelogic has been compiling data since 1988, and the average since then amounts to 23,801. However, the median price paid for all Southern California homes in April was $458,000. This is the highest median sale price on record since mid-2007's staggering $505,000 tag. Median sale price has steadily risen year-over-year for 49 months. Also in April, 43.8 of all sales were for properties priced over $500,000. This is highest percentage of sa...