Home sales in California (and Los Angeles) may be slowing, but the prices keep going up .
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today that the state experienced a decrease in sales of more than 15 percent last month, but a 3.7-percent increase in the median-price of existing homes.
That puts the state median at $567,690, according to C.A.R.
Los Angeles' median dropped from November to December, but only by one percentage point to $584,600. Compared with the previous December, the price was up 5.8 percent.
Here's the explanation from C.A.R. Vice President and Chief Economist Leslie Appleton-Young:
“Year-over-year sales declined in most regions last month, albeit at a lesser pace then what we experienced earlier this year [...] The price picture across the state continues to be mixed. Increases were strongest in urban areas that experienced relatively less new home building or strong economic growth in recent years. Prices were weakest where there has been robust home building activity or in those areas of the state that were popular with second-home buyers.”The second highest median home price in the state for December was in Manhattan Beach, which hit $1,275,000.
— TJ Sullivan in LA
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