Are we looking at a new housing price bubble in L.A.? We may not know until it pops, but for now, the trend lines keep chugging on up. The median sales price for a house in greater Los Angeles is up more than seven percent since last year—and even up $5,000 just since December.
According to the new survey by CoreLogic reported in Curbed, the current median price for a home in Los Angeles County is $525,000. In January of 2016, it was just $490,000.
Typically, sales slow significantly over the winter holiday season, but this year sales dipped less than usual, meaning buyers are moving fast to snap up homes when they go up for sale. An analyst from CoreLogic also pointed out to Curbed that a significant number of home buyers wanted to get their purchase in as soon as possible because interest rates have been on the rise since the election of President Trump and they wanted to lock in the best rate they could.
Zooming out to the whole Southern California region, encompassing Ventura, San Diego, San Bernardino, Riverside, Orange and Los Angeles counties, prices are up slightly less, to a median of $455,000, or just 5.3 percent greater now than a year ago.
Obviously, finding a home going for anywhere close to median prices is going to be a challenge in many desirable neighborhoods, but luckily Los Angles is full of diverse, interesting places to put down your real estate roots.
Want more? Sign up here to stay in the know.