Southern California home sales drop but prices still rising

IRVINE, Calif./May 24, 2017 (AP) (StlRealEstate.News)— Southern California home sales dipped nearly 5 percent last month compared to a year ago but the housing price hit a record high in two counties.

The research group CoreLogic says 20,244 houses and condos were sold in April in Los Angeles County and five surrounding counties. That’s down 8.4 percent from March and 4.8 percent from April of 2016.

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However, low home inventory, low mortgage rates and job growth kept prices surging. The region’s median home price was $485,000 — the highest since it reached $500,000 in August 2007.

CoreLogic says the price hit an all-time high in Orange and San Diego counties and tied a decade-old record in LA County.

The region’s most affordable counties — Riverside and San Bernardino — also posted year-over-year price gains.

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