- 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.
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 sales in this price level since September 2007. Sales of homes priced higher than $800,000 and those priced higher than $1,000,000, on the other hand, decreased 1.5 percent and 2.5 percent, respectively.
It is clear that the most movement is happening for properties valued around $500,000 and up. Also, total home sales below that price point dropped by double-digit percentages year-over-year.
Since 1988, the average for absentee buyers is 18 percent. In April, this group accounted for 21 percent of all homes sold during the month. On the same accord, cash buyers made up for 21.3 percent of purchases. The average for cash purchases is about 15 percent, according to Corelogic.
“In April, the region’s median sale price rose to its highest level in eight and a half years, to within less than 10 percent of the peak reached in spring and summer 2007,” LePage said. “Orange County tied its all-time high median sale price of $645,000 last month, a record set nearly nine years ago, and the median sale prices in Los Angeles and San Diego counties rose to within 5.5 percent of their peak levels.”