The number of homes sold in Los Angeles tumbled in April as prices rose to their highest level in at least six years. However, on the Eastside, home sales as well as prices continued to climb, with Glassell Park emerging as a hot spot, according to Redfin’s monthly review of sales activity.
Citywide, the median sales price in April rose 8.1% from year-ago levels to $600,000. That’s the highest median sale price in at least six years, according to Redfin. But April sales cooled off, falling 8% from the same month last in biggest year-over-year decline since November 2014.
In a good sign for buyers, more homes went up for sale in April, giving them more options. Still, 41% of homes sold above the asking price as competition remained stiff.
While home sales dropped citywide in April, they rose 4.1% on the Eastside, where 557 properties changed hands, according to Redfin. The median sales price was up 11.3% to $640,000.
Glassell Park was a standout in April, with a 22% increase in the median sales price to $720,000. The 41 homes sold represented nearly an 11% increase from April of last year. The typical home spent only 16 days on the market before a buyer emerged.
Here’s a summary of Eastside median prices for April:
April 2016 Median Sales Price
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