Despite the jump in purchases, this still was the fifth-slowest selling April in data that dates to 1988.
Southern California home prices hit a new high in April as homebuying ran at its fastest pace in 19 months.
Yet this is no buying boom, historically speaking. Despite the jump in purchases, it was still the fifth-slowest selling April in data stretching back to 1988. And it’s 27% below the average April sales over the past 37 years. As a result, only 15% of Southern Californians had the financial muscle to pull off a home purchase in early 2024, according to California Association of Realtors estimates. Two years earlier, as the Fed was starting to act, local affordability was 24%.
Sales of newly constructed homes were up 18% in a year to 1,240. Builders’ median sales price was $645,500 – the cheapest of these three slices and down 8% in a year. That pricing helped builder’s share of the market grow to 7.4% of all Southern California sales versus 7% a year earlier.
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