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Thursday, Mar 28, 2024
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So Cal Home Prices Still Rising

Home prices in Southern California continued to rise in April, but sales have begun to slow due to growing inventory, according to San Diego real estate data firm DataQuick. The median price paid for all new and existing houses and condos sold in the six-county region last month was $404,000, more than 13 percent higher than the $357,000 median price a year earlier. That price is only about 1 percent higher than the prior month and represents the highest price since February 2008 when it hit $408,000. However, the pace of buying has slowed. Some 20,000 new and existing houses and condos were sold in April, down nearly 7 percent from last year but up 14 percent since March. “There’s still pressure on home prices but it has moderated,” said DataQuick analyst Andrew LePage. “There are certainly factors undermining housing demand, including affordability constraints, credit challenges and less investment activity. But there are considerable forces fueling demand, too.” The six-county region includes Ventura and San Bernardino counties and all areas south.

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