Los Angeles Real Estate Market Reports
News, analysis, and trends in LA's housing market.
Just over one-third of homes countywide are worth more now than they were just before the recession hit.
Sale prices are also up in North Inglewood and Boyle Heights.
Prices are rising and units are selling quicker than they did at this time last year.
A new map from the MLS shows neighborhoods where condo sales are rising—or falling—most significantly.
"Looking ahead, affordability will be a major hurdle for many home shoppers."
Median sale prices stayed at $525,000 between January and February, while the total number of sales dropped more than 6 percent.
The percentage was even higher in Pasadena and Irvine, though other cities in the area, including Inglewood and Lancaster, didn’t have any homes that sold for that much.
Over 7,600 more residential units on the way
A new report shows that sale prices rose more than 15 percent in 2016, reaching $1.978 million—nearly twice the median cost of homes in Downtown LA and the Westside.
Real estate in most of the neighborhoods northeast of Downtown Los Angeles have been on an upward trajectory for a few years now.
A Redfin spokesperson says West Adams is in what real estate agents call "the sweet spot"—it’s in demand, but the median price is under $600,000, which is still seen as "affordable."
Where have Los Angeles homebuyers been flocking to lately? Well, according to the MLS, Atwater Village, Boyle Heights, and Inglewood.
A new report from the California Association of Realtors finds that homebuyers here need to earn $104,330 to afford the monthly payments on a median-priced home. That midpoint price right now is $536,720.
In spite of rising home costs, buying in the Los Angeles area still beats renting over the course of seven years. As Trulia reports, buyers stand to save about 32.7 percent over renters in that time span.
Pending home sales in LA County dropped off more than 37 percent since last month, according to a new report from realtor John Graff. They're also down nearly 50 percent since last year. In spite of that, prices continue to climb.
A new report from Apartment List shows LA continues to have the lowest rate of homeownership in the country—and it has dropped significantly since the beginning of the recession nearly a decade ago. Meanwhile, the cost to rent is on the rise.
It seems like we can never bring you good news when it comes to buying a home in Los Angeles. Bloomberg blames that on too much demand and too little supply. Plus, on average, we're making $20K less than what's needed to make a house payment.
Another sobering study, this one from real estate website Realtor.com, shows just how out-of-reach owning property is for many Angelenos. It estimates that prospective buyers here need to save nearly $70 daily for five years to afford a downpayment.
The share of million-dollar homes in LA has roughly doubled since 2012, and the rise is especially dramatic in areas that have seen a recent surge in popularity thanks to Silicon Beach, like Palms and Venice, plus centrally located South Carthay.
The percentage of households that could afford to purchase the median-priced home in LA County rose in the first quarter of this year—from 27 percent up to 31 percent. That's more than usual, but affordability is expected to drop again.
The median price in just the fancy parts of LA set another record in the first quarter of 2016—a heartstopping $1.035 million, says a new quarterly report out from Douglas Elliman. It's the first time the median has crossed the million-dollar mark.
In LA County, the median housing price in March was up 5.9 percent, to $506,000. No surprise, then, overall sales dropped as potential buyers are priced out.
As thousands of households fled the neighborhood surrounding the leaky Aliso Canyon natural gas storage field this winter, investors ponied up lots to buy houses in the area. Overall sales, unsurprisingly, were down.
LendingTree looked at the number of mortgages taken out over the last year across 59 big cities in the nation and found that LA came in 58th place. Not surprising considering LA Millennials are stuck with the third highest mortgages in the US.