The number of homes sold across Southern California fell in May as the corona-virus outbreak put a freeze on the region’s inventory. (Most buyers placed their offers in April and even March, during the height of stay-at-home orders.) Closed sales in May plunged 45% from a year earlier, while the region’s median home price rose 2.7% . A 2.7% year-over-year increase is smaller than that of March and April, but it is amazing to see that the California home prices held up in the height of the Pandemic. Many sellers also pulled their homes from the market, further restricting supply and making price drops less likely.
|County||Sales volume compared to a year ago||Median price compared to a year ago||Median home price|
|Los Angeles||– 49.5%||+1.6%||$620,000|
(Source: Los Angeles Times By ANDREW KHOURI STAFF WRITER, JUNE 18, 2020)