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April Sales Up, Prices Down

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The Los Angeles Business Journal reports that Los Angeles County home sales rose about 15 percent from March-April, while the median price dropped 2 percent to $456,000. The sales increase is significant given that during the same month a year ago, sales fell almost 4 percent. One real estate attributes the uptick to first-time buyers entering the market, lured by falling prices. But, according to the LABJ, April saw a 43 percent drop from a year ago in the number of homes sold, and in foreclosure-heavy Lancaster "sales jumped 28 percent year-over-year. At the same time, the April median price fell to $285,000 –$9,000 less than March and $90,000 less than a year ago." Are foreclosures impacting these numbers? Still awaiting DataQuick's fine figures for the month.
· Sales Increase as Home Prices Fall [LABJ