May 19--Southern California's housing market is having a strong spring.
Both prices and sales volume climbed in April compared with last year, according to new figures Tuesday from CoreLogic.
The Irvine-based data firm reported a median home price in the six-county Southland of $429,000, up 6.2% from April 2014 and the highest median since November 2007. The volume of sales climbed as well for the second straight month, up 8.5%.
The figures suggest a spring market that is picking up speed after several sluggish years as more buyers wade in.
"Sales activity picked up last month, making it one of the stronger Aprils since the housing bust, though sales remained below average," said CoreLogic data analyst Andrew LePage.
A challenge looms, though, in the supply of homes on the market. Recent figures from the California Assn. of Realtors show that, at the current pace, all homes now listed in April would sell in just 3.6 months, down from 5.2 months in February and well below the six-month level housing that economists consider "normal" supply.
Tight inventory could spark bidding wars and drive up prices in a market where many buyers already wrestle with the challenge of affording a home.
Still, the rising prices could also spark more homeowners to sell, adding inventory to the market. Prices in Orange County are now just 7% below their pre-crash highs, though in harder-hit Riverside and San Bernardino counties, they remain 30% below.
Across the region, price growth was strongest in Los Angeles County, with the median up 10% to $485,000. It was weakest in Ventura County, up 3% to $429,000.
Keep an eye on housing and real estate in Southern California. Follow me on Twitter at @bytimlogan.
