The median price of an existing single-family home in the Los Angeles metropolitan area was $770,000 in March, compared to $725,000 for February and $689,000 a year ago. The annual increase represents an increase of 13. 2% reported the California Association of Realtors (CAR).
In Los Angeles County, the median price increased last month to $773,050, versus the $773,535 February and the $689,490 from a year ago, a year-over-year increase of 13.3%.
Median price in Orange County was $1.30 million in March, compared to $1.26 million in February and $1.02 million in March 2021. The annual increase in the OC was 27.3 %.
In the month it took approximately nine days for a single-family home to sell in the Los Angeles metropolitan area, 10 days in the month of February.
In Los Angeles County, the average number of days a home was on the market was eight in March, down from 06 of February and even with the eight that was the average figure a year ago.
In Orange County, the average time on the market was six days in March, compared to seven in February and even six in March 2021.
San Diego County median price jumped from $888, in February at $950,000 in March. In March 2021 it was $800,000. Riverside County median price in March was $620,000, versus the $605,030 of February and the $535,000 March 2021.
Across the state, the median home price hit another record of over $849,000 in March, driven by an increase in the sale of highest-priced homes, data from the Association of Realtors shows.
The leaders in home prices continue to be in the San Francisco Bay Area, where median prices in March were of $2.13 million in San Mateo County, $2,06 million in the San Francisco County, $1.95 million in San Francisco County Santa Clara and $1.73 million in Marin County.
According to the association, since rising interest rates still do not have a significant impact on sales figures, demand remained strong throughout the State.
Statewide Existing Single Family Home Sales Deposit Totaled 426,2013 in March, based on a seasonally adjusted annualized rate, monthly data from the association shows. That annualized figure represents what the total number of homes sold in the state would be in 2022 if sales continue at the pace of March. Realtors adjust the figure to account for seasonal factors that can influence home sales, the association said.
That sales number is up 5% from February, but down 4.4 % since March 2021, data shows. March’s year-over-year drop was the ninth in a row, but the smallest in eight months, the data show.
The average price of the housing statewide in March is $849,080 increased by 10.1% from February and a 11.9% since March 2021. But statewide year-to-date home sales are down 7% in March.
The new state median price beat the previous record of $800,940, established in August 2021. It also placed the average price above the $800, mark. for the first time in six months.
According to CAR calculations , the change in the average price from February to March was the highest since March 2013, while the jump in 06.1% from February was the first time in nine years that the month-over-month increase was two digits.
Million-dollar home sales drove the statewide median price increase in March, according to the association, which reported that they represented a record share of 28.9%.
“March sales data continue to suggest strong buying interest and a solid real estate market, as the effects of higher mortgage interest rates will not materialize for a few months”, said the vice president and chief economist of CAR, Jordan Levine.
“Since the Federal Reserve is expected to announce two consecutive half-point increases in interest rates in May and June to combat inflation, interest rates will rise in the foreseeable future, which will negatively affect housing demand and reduce housing affordability in the coming months. , but the effects may not be visible until the second half of the year since many of the houses that are, or will be, closing were negotiated before the sharp increase in rates.”
The association obtains the monthly figures from real estate agents of more than 95 local real estate agents and multiple listing services statewide.