Prices and Sales Volume Up in Southern California
Year-over-year prices were up 6.2% in April to a median of $429,000 in Southern California. Sales volume climbed 8.5%. At the current pace, there is 3.6 months of inventory in the market. A 6-month supply is generally considered a balanced market. While the rate of price appreciation has picked up from a period of stagnation earlier this year, it has also moderated from the blistering pace of two years ago. Nevertheless, there could be some upward pressure on prices due to the low inventory in the marketplace unless supply, both new and resale, comes online to meet the demand.
