Los Angeles County home prices jump $120,000 in year, or $14 every hour – Daily News




Los Angeles County housing’s feeding frenzy tied the record high price in the fastest-selling April in 15 years.

Low mortgage rates fueled demand just as millennials enter their key homebuying years. Plus, vaccinations helped lower coronavirus risks and trimmed the pandemic’s broad economic challenges. As a result, price records tumbled in a buying pace last seen well before the Great Recession. DQNews/CoreLogic’s report on closed transactions in Los Angeles County from April shows …

Prices: The countywide median of $750,000 median was up $120,000 or 19% — over 12 months. Over 10 years, gains averaged 8.4% annually. This ties a record high set in March.

Past 12 months? Six records set. The median rose at a rate equal to $14 every hour for the year.

Sales: 8,381 homes sold, existing and new — up 101% vs. a pandemic-iced month a year ago. It was 2006 when April had more sales. Last month was 31% above the 10-year average buying pace for an April.

Past 12 months? 79,625 Los Angeles County purchases — up 9.6% above the previous 12 months and 2.8% above the 10-year average.

Here’s a look into key slices of Los Angeles market in April …

Existing single-family houses: 5,604 sold, up 93.2% in a year. Median of $830,000 — a 26.5% increase over 12 months.

Existing condos: 2,392 sales, up 117.9% over 12 months. Median of $610,000 — a 13.0% increase in a year.

Newly built: Builders sold 385 new homes, up 126.5% in a year. Median of $786,000 — a 14.7% increase over 12 months.

Builder share: 4.6% of sales vs. 4.1% a year earlier. Los Angeles County builders’ slice of the market ranks No. 5 among SoCal’s six counties.

Price rank: How Los Angeles County’s median compared to Southern California’s five other counties: No. 2 overall; No. 2 for single-family resales; No. 2 for condo resales; and No. 2 for new homes.

How cheap is money? Rates on a 30-year, fixed-rate mortgage averaged 2.98% in the three months ending in April vs. 3.41% a year earlier. That translates to 6% more buying power for house hunters.

At these rates, a buyer with 20% down would pay $2,524 a month on the $750,000 median sale vs. $2,237 on last year’s $630,000 median. So during the past year, the typical house payment is 12.8% pricier.

How swift is the purchasing pace? Homes sold averaged just eight days on the market in the Inland Empire; 10 days in Los Angeles and Orange counties, Zillow reported.

So is this market risk free? By one calculation, the Inland Empire is the nation’s fourth-riskiest market. Los Angeles-Orange County was No. 32 of 47 metros studied.

Around Southern California, according to DQNews’ latest report on closed sales in …

Six-county region: 25,857 sold, up 86.2%. over 12 months. Median price was record $655,000 — a 20% increase.

Orange County: 3,920 sold, up 97.9%. Median? record $872,750 — a 16% increase.

Riverside County: 4,669 sales, up 80.8%. Median? record $489,750 — a 20% increase.

San Bernardino County: 3,347 sold, up 66.9%. Median? record $436,500 — a 24% increase.

San Diego County: 4,347 sales, up 74.1%. Median? record $700,000 — a 18% increase.

Ventura County: 1,193 sold, up 82.4%. Median? record $705,000 — a 18% increase.


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