Sales of single-family detached homes in California totaled a seasonally adjusted annualized rate of 499,830 units in April, a drop of 2.9% from March but 5% ahead of the pace last April, the California Association of Realtors said Monday.
Prices, however, were up slightly on a sequential basis, with the statewide media rising 2.5% to $293,570 from a revised $286,510 in March. Year over year, the April median price was down 4.4% from $307,000 in April 2010.
"While down from March, April¹s sales level still was solid, posting the strongest year-over-year sales gain since August 2009," said Leslie Appleton-Young, C.A.R. vp and chief economist. "At this point in the cycle, the market seems to be responding to the fundamentals of the housing market and economy, and sales are on track to match or slightly exceed last year's figures."
The Unsold Inventory Index for existing, single-family detached homes was5.4 months in April, up from 5.3 months in March amd 4.9 months a year earlier. The median number of days on the market rose to 53 in April from37.4 days for the same month in 2010.
Condo and townhome sales were down 4.4% from March but up 1.1% from a year earlier. Condo and townhome prices rose 2.5% from March to $238,220, still 7.6% below $257,950 in April 2010.
Regionally, sales were mixed, with sequential drops of 2.9% in Los Angeles, 5.2% in the Inland Empire, and 4.7% in Orange County and year over year declines of 7.6%, 5.2% and 8.4%, respectively. Prices in those three areas also were mixed, with L.A. up 1.7% to $277,300 sequentially but down 2.4% from $284,060 a year earlier, the Inland Empire down 1.9% to $169,460 and 5.7% from $179,710 respectively and Orange County up 1.2% to $530,140 but down 2.9% from last year's $546,050.
The San Francisco area was down 3.2% from March but up 1.2% from last April, with the median price moving up 0.8% to $490,670 but down 8.8% from $538,270 for the same month last year. San Diego sales were up 3.7% month-to-month and 4.8% year-over-year with the median price down 1.4% from March to $378,230, 2.6% behind last April's $388,480.
Learn more about markets featured in this article: Los Angeles, CA.