It was a tough spring for Los Angeles home buyers. With fewer than usual houses on the market to choose from, prices bested an all-time record in April, according to a report out this week from real estate tracker CoreLogic.
That made 3 months in a row in which the region’s price record had been broken, and homes are now selling for well above prices seen in the buildup to the 2007 mortgage crisis. In April, the median price was $590,000—close to a 1% gain and 7.3 percent higher than the same time last year.
Price bumps seen across Southern California are likely driven by a lack of supply in the housing market, according to CoreLogic. That’s reflected in the fact that far fewer homes than normal are selling in the area. In L.A. County, for instance, home sales in April were down more than 8% since a year earlier.