Los Angeles County home sales jumped in March as the summer buying season got off to a better start than last year.
There were 5,294 single-family homes sold, 29 percent more than February and 4 percent more than March of last year, according to Seattle brokerage Redfin. Brokers said buyers sitting on the sidelines through the recession are beginning to tip toe into the market while home prices and interest rates remain low. The overall median price dipped 3 percent to $320,000 compared to a year earlier, but that may not reflect the strength of the market. Kameron Eliassian, a Redfin broker, noted that the highest volumes of homes continue to be sold in outlying communities, such as Lancaster, depressing the median, even though more pricey neighborhoods are showing gains.
The 10 neighborhoods with the biggest price gains were almost all urban, including the 91106 ZIP code in Pasadena, where prices rose a county-best 91 percent to $878,000. Beverly Hills’ 90210 ZIP code had the highest county median at $2.8 million, a 4 percent increase, also on stronger sales.
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