L.A. Home Sales Fell 4.6 Percent in March

LOS ANGELES, Apr. 24, 2007 [none] -- Home sales fell 4.6 percent in the Los Angeles area in March, compared with the same period a year ago, but the median home price rose 2.6 percent to $571,110, according to figures released Tuesday.

Statewide, home sales fell 20.8 percent in March, while the median price of an existing home increased 3.2 percent to $580,090, according to the Los Angeles-based California Association of Realtors.

"March sales fell below the levels of recent months in reaction to an uptick in mortgage rates earlier this year, along with tighter underwriting standards," said CAR President Colleen Badagliacco.

"The year-to-year decline in March was larger than in recent months in part because sales in March 2006 were the strongest in all of last year," Badagliacco said. "Moreover, recent news regarding foreclosures and the subprime situation had an adverse impact on the market psychology of many buyers, leading some to delay their home-purchase decisions."

In Orange County, home sales declined by 14.9 percent, and the median price fell 1.5 percent to $706,650.

The 10 California cities and communities with the highest median home prices in California during March 2007 were:

• Los Altos, $1,660,000;
• Manhattan Beach, $1,610,000;
• Saratoga, $1,569,000;
• Newport Beach, $1,400,000;
• Burlingame, $1,311,000;
• Santa Barbara, $1,100,000;
• Los Gatos, $1,079,000;
• Lafayette, $1,050,000;
• Rancho Palos Verdes, $1,035,000;
• Danville, $1,033,500.

The 10 cities and communities with the greatest median home price increases in March 2007 compared with the same period a year ago were:

• Union City, 26.5 percent;
• Berkeley, 23.8 percent;
• Culver City, 22.2 percent;
• Los Angeles, 17.9 percent;
• San Rafael, 17.8 percent;
• Hawthorne, 15.6 percent;
• West Hollywood, 14.6 percent;
• Claremont, 14.4 percent;
• Morgan Hill, 14 percent;
• Laguna Niguel, 13.9 percent.

CAR describes itself as "one of the largest state trade organizations" in the country, with more than 200,000 members.

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