LA's Median Home Price Spikes 31% In A Year

LOS ANGELES, CA — The median price of a single-family home in Los Angeles County edged up 1% last month, but sales of existing homes dropped slightly, the California Association of Realtors reported this week.

The median home price countywide in May was $725,680, compared to $718,440 in April, according to CAR.

On a year-over-year level, the price was 31% higher; in May 2020, the median price of an existing single-family property was $553,710, data showed.

Statewide, the median price last month was $818,260, compared to $814,010 in April -- up .5%. In May 2020, the median price was $588,070, reflecting a year-over-year rise of 39%.

The median represents the point at which half of homes sell above a price, and the other half below it.

"A lack of housing inventory continues to push up prices," CAR Chief Economist Jordan Levine said.

He said rising interest rates and "declining affordability" are keeping some buyers out of the market, but "new listings have finally started to rise, which could help to sustain a higher level of home sales deeper into summer by providing much-needed supply."

Last month, home sales countywide sank about 3%, but they were up roughly 81% year-over-year, according to CAR.

The association's Unsold Inventory Index for May indicated the median time a property was on the market before it sold in California was seven days. In Los Angeles County, it was eight days.

City News Service