The number of Los Angeles County homes sold in March remained flat compared with a year earlier while the median sale price soared as fewer homes were listed for sale.
Single-family home sales were unchanged last month from the year-ago period as 5,330 units sold, according to Seattle brokerage Redfin. The number of homes put on the market fell a steep 58 percent to 6,485. The limited supply helped push the county’s median sale price up to $395,000, a steep 23 percent increase.
Unlike last year, when the housing price recovery was driven by increases in wealthier locales, median price increases are being seen in neighborhoods of varied income across the county. Lincoln Heights’ 90031 ZIP code posted the largest median price increase, with an 82 percent jump to $400,000 for the nine homes sold there.
Despite the overall strengthening of the market, some neighborhoods still saw prices decline. Rancho Park’s 90064 ZIP code claimed the top price loss, falling 37 percent to a median of $810,000 for the 25 units sold, while Bel Air’s 90077 posted the second largest drop, a 26 percent decline.
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