Los Angeles-area home prices fell 1.5 percent month-to-month in March, as the median price of an existing home fell to $466,250 from $473,550 in February, the California Association of Realtors said Monday.

The price was 19 percent higher than in March 2004, when the median-priced home in the Los Angeles region was $391,740. Meanwhile, the pace of sales rose 12.9 percent from the year-ago period.

Statewide, home prices increased 15.7 percent year-over year in March and 5.2 percent from February, the smallest year-to-year increase since June 2003.

“The inventory of homes for sale has increased compared to a year ago, which has lessened upward pressure on home prices,” said CAR President Jim Hamilton.

National numbers released Monday showed that the housing market remained strong amid low mortgage rates. Sales of existing homes in the U.S. rose 1 percent in March from February.