Purchases down 11% for the month and down 38% for the year.
House hunters in Los Angeles and Orange counties are still squeamish about buying as April’s sales pace ran at nearly half its historic pace.
Homebuyers in spring 2023 were still skittish thanks to economic unease and lofty mortgage rates that have cut buying power by 14% in a year. In the six-county Southern California region,L.A. had 4,372 closings, down 12% in a month and 39% lower in a year. O.C. had 1,978 sales – down 8% in a month and 35% lower in a year. Note: A typical April sees an average 0.4% sales increase in one month in L.A. and a 1% increase in O.C.In L.A., the $800,000 median was up 0.
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