Home Prices Rise in California, Dip in Southland

Home prices continued to rise across California last month, but sales dipped as consumers grew increasingly concerned about their financial outlook in the year ahead, the California Association of Realtors announced Thursday.

Statewide, seasonally adjusted sales numbers fell 2.3% month-to-month, from 283,540 in February to 277,030 in March, but are still up 4.9% compared to one year ago.

“Home sales slowed in March as both buyers and sellers grew more concerned about the ongoing tariff situation and its potential impact on their personal finances,” CAR President Heather Ozur said.

Sales of existing, single-family homes in the Los Angeles metro area rose 23.5% from February to March, and increased 19.3% in Los Angeles County and 29.7% in Orange County.

Localized data is not seasonally adjusted, accounting for any discrepancies between their increases and the statewide decrease in sales.

Meanwhile, home prices continue to rise statewide, though Los Angeles and Orange counties each reported slight decreases from last month.

The median sale price of an existing, single-family home in Los Angeles County fell 2.7% last month, from $852,190 to $829,260. That’s still 3% higher than one year ago, when it was $805,100.

Orange County’s median price slipped 1.1% last month, from $1.465 million to $1.45 million, 3.6% higher than last year’s $1.4 million.

Statewide, the median price rose 6.7% last month, from $829,060 to $884,350, a 3.5% increase from last year’s $854,370.

“Despite mortgage rate swings and financial market volatility, housing conditions remained stable in March,” CAR Senior Vice President Chief Economist Jordan Levine said. “Although slower open-escrow sales point to a sluggish start for the spring season, increased inventory and modest price growth offer hope for buyers seeking more options and improved affordability.”

The most expensive counties for existing single-family homes were San Mateo and Santa Clara, with median prices of $2.26 million and $2.12 million, respectively. The cheapest was Del Norte County with a median price of $185,000. Del Norte, located at the far northwest of the state, also saw the steepest decline in sales year-over-year at -61.1%.

The CAR report that found that pending home sales across the state declined in March for the fourth straight month, “reflecting continued weakening in housing sentiment. Fluctuating mortgage rates and rising recession fears likely contributed to the drop in demand. With rates expected to remain volatile, pending sales may stay soft as the spring home-buying season begins.”