The median price of an existing, single-family home in Los Angeles rose 5 percent in February compared to the previous month, but sales were down 13.4 percent during the same period, a Realtors group reported Friday. Home prices in the region were up 9 percent in February compared to the same month last year and sales were off by 15.9 percent during the same period, according to the Los Angeles-based California Association of Realtors.
The median price of an existing home in Los Angeles was $616,230 in February, compared to $586,980 the previous month and $565,600 in the year-ago period, according to CAR.
In Orange County, the median price of an existing home last month was $692,820, up from $688,610 in January, but down 3.9 percent from $721,190 in the year-ago period.
Home sales in Orange County were up 10 percent in February, compared to the previous month, and up 4.6 percent from February of last year.
Statewide, home sales decreased 9.6 percent in February compared with the same period a year ago, while the median price of an existing home increased 5.7 percent, according to CAR.
The median price of an existing, single-family detached home in California last month was $564,700, compared to $534,400 in February of last year, according to CAR.
The statewide median home price for February increased 1 percent compared with January's revised $559,300 median.
CAR President Colleen Badagliacco said home sales across California in February were at their highest level in eight months, posting the smallest year- to-year decline in 14 months.
"Next month's report could tell a different story since sales last year peaked in March," Badagliacco said. "Looking forward, we are likely to see smaller year-to-year declines as we enter the traditional buying season.
"Homes that are well maintained and are priced to reflect the realities of today's market will continue to sell," she added.
The median number of days it took to sell a single-family home in California was 70 last month, compared with 53 days for the same period a year ago, according to the CAR report.
According to CAR Vice President Leslie Appleton-Young, the number of homes for sale statewide increased slightly in February and remains just above the long-run average.
"The unsold inventory index stood at 8.8 months in February, compared with 8.3 months in January, with the San Francisco Bay Area continuing to experience leaner inventory levels compared with Southern California and the state as a whole," Appleton-Young said.
In a separate report covering more localized statistics generated by CAR and DataQuick Information Systems, 37 percent, or 129 out of 349 cities and communities, showed an increase in their respective median home prices from a year ago.
Statewide, the 10 cities and communities with the highest median home prices in California during February were:
- Manhattan Beach, $1,880,000
- Laguna Beach, $1,655,000
- Newport Beach, $1,412,500
- Los Gatos, $982,500
- Danville, $951,750
- Santa Barbara, $932,270
- San Clemente, $824,000
- Arcadia, $815,000
- Dana Point, $790,000
- Cupertino, $776,500
The 10 cities and communities with the greatest median home price increases in February, compared with the same period a year ago, were:
- Culver City, 34 percent
- Diamond Bar, 26.5 percent
- Moorpark, 25 percent
- Lake Forest, 22.2 percent
- Mountain View, 19.7 percent
- Laguna Beach, 18.6 percent
- Baldwin Park, 16.1 percent
- Newport Beach, 15.3 percent
- Pasadena, 13.4 percent
- Fontana, 13.1 percent
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