The median price of an existing, detached single-family home rose significantly in Southern California in October compared with the same month a year ago, the California Realtors Association reports.

San Bernardino had the greatest increase: 12%.

Los Angeles County's median climbed 8.1%. Riverside County went up by 7.5%, and Orange had the smallest hike of the four counties: 4.8%.

The median price — the midpoint of sales — was $786,000 in Orange; $580,360 in Los Angeles; $382,500 in Riverside and $274,450 in San Bernardino.

Southern California house prices shoot up
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Statewide, the median price was $546,430, up 6.1% from $515,170 in October 2016. Sales were down 3.4% from a year ago.

A low supply of homes on the market continued to put a crimp on sales, especially in the relatively affordable price ranges.

"As we enter the fall home buying season, we're seeing signs of the market slowing as eroding affordability and persistently low housing inventory cut into home sales," CAR 2018 president Steve White said in a statement.

"Moreover, the looming tax reform bill that eliminates important incentives that help first-time home buyers and existing homeowners will only further adversely impact the housing market," he said.

Statewide, listings declined in October, dropping 11.5% from a year ago. Listings have declined by more than 10% every month since the beginning of 2017.

Housing supply remains at "stubbornly low levels." The statewide unsold inventory index dropped from 3.4 months in October 2016 to 3 months this October. The index measures the months that would be needed to sell the homes on the market at the current rate of sales.

Southern California's shortage was especially notable. Every county in the region except San Bernardino had fewer listings than last October.

Homes are selling faster. The median number of days it took to sell an existing single-family home in California in October was 21 compared to 29 in October 2016.

Tribune Content Agency