SoCal home sales dip as prices hit their highest since 2007

SoCal home sales dip as prices hit their highest since 2007

Sales of new and existing homes across Southern California fell 3.2 percent in April from a year ago as the median price of a home jumped nearly 7 percent, according to property data firm CoreLogic.

A total of 21,312 houses and condos sold in April in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, up 4.2 percent from March but down 3.2 from April 2015, only the second time in the last 12 months that sales have fallen year over year.

Southern California's spring home-buying season got off to a lackluster start with total April sales dipping modestly from a year ago, marking only the second month in the past year to log a year-over-year decline in activity," said Andrew LePage, research analyst with Irvine-based CoreLogic. "Through the first four months of this year sales are up less than 3 percent from the same period last year and remain below average. Job growth, household growth and low mortgage rates are fueling housing demand, but many would-be homebuyers continue to struggle with inventory, credit and affordability constraints."