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March Home Prices Rise by Double-Digit Percent Rates in Most Los Angeles Neighborhoods
Jul 18 2018 2:04PM Posted by Pacific Union, APRIL 2018
 

FROM OUR COMPANY CHIEF ECONOMIST, SELMA HEPP

The median home price in Greater Los Angeles was up by 14 percent in March from one year earlier. Homes are selling faster than they were one year ago, and almost half of homes sold in March commanded premiums.

  • Sales of affordable homes in Los Angeles further declined in March from a year ago, while higher-priced sales picked up by 20 percent to 28 percent.
  • While there is no clear impact from the tax-reform package, tech stock volatility, or rising mortgage rates, Silicon Beach saw slower sales in the first quarter compared with last year.
  • Foothill and East Valley communities had almost 50 percent fewer homes for sale below $1 million in the first quarter compared with last year, which represents almost 1,000 fewer properties.
  • Homes generally sold in 30 days, down from 36 days last year. But in a few communities, home sold in less than 20 days: Eastern communities, 16 days; South of 210, 18 days; and Silicon Beach, 18 days.
  • Almost half of homes sold over the asking price, compared with 38 percent last year, with competition increasing the most in South L.A. and Downtown from the month before.
  • The median home price across greater Los Angeles jumped by 14 percent from last March to $910,000, with West Side communities posting even higher appreciation.
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