L.A. Home Median Hits $567,480

The median price of an existing home in Los Angeles increased 17 percent to $567,480 in April compared to a year ago, and sales decreased nearly 13 percent, the California Association of Realtors said Thursday.
Los Angeles Business Journal Online
The California median rose more than 10 percent to $562,380, with sales down 21.4 percent, said the industry group, which collects data from more than 90 local Realtor associations around the state. Closed escrow sales of existing, single-family detached homes statewide totaled 516,960 in April at a seasonally adjusted annualized rate.

“Concerns about the likelihood of future interest rate increases continue to influence the market,” said C.A.R. President Vince Malta in a statement. “While still near their historic lows, mortgage interest rates are at their highest level since June 2002 for fixed-rate mortgages, and August 2001 for adjustable-rate mortgages.”

In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 84.5 percent, or 339 out of 401 cities and communities showed an increase in their respective median home prices from a year ago.

Statewide, the 10 cities and communities with the highest median home prices in California during April were: Manhattan Beach, $1,685,000; Burlingame, $1,600,000; Los Altos, $1,557,500; Newport Beach, $1,445,000; Saratoga, $1,407,500; Santa Barbara, $1,250,000; Lafayette, $1,112,500; Mill Valley, $1,068,750; Santa Monica, $1,020,000; Danville, $1,019,500.