For the second straight month, the median sales price of a home in Los Angeles County reached an all-time high in March. After setting a new record of $575,000 in February, the median sales price crept up an additional $5,000 in March. Last month’s $580,000 median sales price was up 6.6 percent from March 2017.
Those numbers come via he latest report from CoreLogic. For the six-county Southern California region as a whole, the price increase was even more pronounced. The median price in March hit $519,000 for all of Southern California, an 8.4 percent increase from a year earlier.
While home prices continue to reach new heights, various reports noted its yet to scare off buyers. Curbed Los Angeles reported the total number of homes sold in Los Angeles County was up nearly 43 percent in March from the previous month.
While the number of homes sold in March did increase month-over-month, total home sales are still down compared to historic levels. The reason for fewer home sales is a continued lack of available supply in the region, noted, CoreLogic analyst Andrew LePage noted. He added this “inventory crunch” has increased competition and driven up prices.
To illustrate the dearth of supply, let’s take a look at a recent study from brokerage Pacific Union International. Mansion Global reports housing inventory was down significantly year-over-year across all of Los Angeles in March. In the central and southern parts of L.A., inventory was down 25 percent compared to a year earlier. Santa Monica had a 13 percent drop in the number of available homes.