Tuesday, May 14, 2019

Los Angeles Area Home Sales Increased 1% YoY in April, Inventory up 10% YoY

by Calculated Risk on 5/14/2019 03:41:00 PM

From Pacific Union chief economist Selma Hepp: Spring has finally sprung in Los Angeles housing markets

After doldrum housing market activity in Los Angeles through the first quarter of 2019, April has finally brought some cheer. Number of homes sold compared to last year increased 1 percent overall, mostly driven by increases in sales of homes priced between $1 and $2 million (up 8 percent), and sales of homes priced below $1 million (up 2 percent). Higher priced homes (above $2 million) continue to trend below last year’s levels, but are still ahead compared to 2017 and 2016.
...
Availability of for-sale inventory continues to trend above last year, with inventories 10 percent ahead of last April and all price ranges posting similar year-over-year differences. However, while there are more homes to choose from overall, these are not homes newly listed in April. In fact, new listings in April are below last year’s, suggesting that some of the homes that are still available for sale have been taking longer to sell.
emphasis added
CR Note: there is much more data at Hepp's report.