DataMarkets & Economy

Rising price, fewer sales in Southern California housing market

Report says May home sales were hampered by fewer new construction buyers
  • Historically, the May average for homes sales in SoCal is 25,124 – 10.6 percent higher than May 2016.
  • Newly built home sales were dramatically lower than the month's historical average, showing a 48.3 percent differentiation.
  • May's median sales price of $459,500 was the highest single-month price since 2007, when it was $462,000.
  • Median price in Orange County rose 5.9 percent annually, reaching a new peak of $651,500.

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Typical of the late Spring season, sales within the Southern California housing market jumped between April and May, according to CoreLogic’s latest data brief. While the upward monthly shift is historically standard, May’s total sales were lower than the long-term average. Encompassing Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, the number of home sales grew 5.6 percent since April, from 21,274 to 22,466. The real estate data firm says the average change in sales since 1988 between April and May is a 5.7 percent uptick. CoreLogic However, the number of sales within the month is low. Historically, the May average for homes sales in Southern California is 25,124 -- May 2016 sales were 10.6 percent lower. Less demand for new construction near LA Newly built home sales were dramatically lower than the month's historical average, showing a 48.3 percent differentiation in the report. The resale market, however, follows history closer ...